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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ENERGY SECTOR
New Profile: Baa1[N]/BBB[S]/BBB+[N]
- S&P cite credit metric impairment in the wake of the cancelled US projects and yesterday’s strategy update.
- The stable outlook is based on the expectation of improved credit ratios, successful project delivery, and proceeds from farm-downs aligning with forecasts.
- Expected EBITDA for 2024 is DKK23bn-DKK26bn, rising to DKK29bn-DKK31bn in 2025, with a stable debt level forecasted at DKK65bn-DKK75bn over 2023-2026.
- FFO to debt ratio to improve to 23%-25% in 2024, reaching 25%-30% by 2025.
- Orsted's rating may drop if performance doesn’t improve over next two years, credit metrics worsen (FFO/Debt not >25% by 2025) or government support weakens.
- Positive rating action could come as Orsted rebuilds its strategy execution track record or credit metrics strengthen (FFO/Debt > 30%).
- Spreads remain muted in the wake of yesterday’s updates.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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