Moody's upgrades RWE

Moody's Investors Service said it upgraded RWE AG to Baa2 from Baa3 and its subordinated hybrid capital securities to Ba1 from Ba2. The outlook is changed to stable from positive.

“The ratings upgrade follows RWE's strong operating performance in 2020. It reflects Moody's expectation that financial metrics will remain commensurate with the higher rating level. It further takes into account RWE's prudent financial policy and progress in executing its strategy, growing its renewables generation portfolio as conventional thermal capacity is reduced,” Moody’s said in a press release.

The outlook reflects the expectation that RWE will continue to successfully transform its renewables pipeline into earnings, allowing its FFO/ net debt ratio to remain at least in the high 20s in percentage terms, the agency said.

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