Moody’s revises DONG Energy to stable

Moody's Investors Service said it changed the outlook on the long-term Baa1 senior unsecured and issuer ratings of DONG Energy A/S and the long-term Baa1 issuer rating of DONG Energy Salg & Service A/S (DESS) to stable from negative.

Concurrently, the agency stabilized the outlook on the provisional senior unsecured medium-term note program at provisional Baa1 long-term senior unsecured rating and the Baa3 hybrid (preferred stock) instrument ratings of DONG Energy. It also affirmed all of these ratings.

Moody’s said the stable outlook reflects its expectation that: (a) DONG Energy will be able to maintain financial metrics in line with the guidance for the current rating, with funds from operations (FFO) (excluding construction, development, divestment gains and the related tax expense)/net debt above 30%; and (b) the company will continue to manage its portfolio of development projects on time and on budget.

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