Moody's confirms Siemens Gamesa; outlook negative

Moody's Investors Service said it confirmed the Baa3 long term issuer rating of Siemens Gamesa Renewable Energy, SA and changed the outlook to negative from ratings under review.

This rating action concludes a review for possible downgrade that was initiated on June 23.

“The strong market position of Siemens Gamesa, in the onshore and in particular in the offshore wind turbine business, reflected in a broad product portfolio and an order book of 16.3 billion for new turbines, which provides good revenue visibility into FY 2022 and the strengthened position in the profitable service business, support Moody's confidence that, aided by the new restructuring program LEAP, the new management team will be able to turn around the negative trend in operational performance seen since Q1 2020,” Moody’s said in a news release.

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