Moody's turns Vestas outlook to negative

Moody's Investors Service said it changed the outlook on Vestas Wind Systems A/S and its subsidiary Vestas Wind Systems Finance BV to negative from stable. Concurrently, the agency affirmed all ratings of Vestas and its subsidiary, including the long-term issuer rating of Baa1.

"The change in outlook to negative reflects the continuation of unprecedented raw material cost increases seen since February, which puts a strain on Vestas' profitability and led management to a downward revision of their margin guidance for 2022, since a majority of price increases can only be gradually passed on to customers in the context of new orders," said Oliver Giani, a Moody's vice president, senior analyst and lead analyst for Vestas, in a press release.

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