Siemens Gamesa rated BBB by Fitch

Zamudio, Spain - Siemens Gamesa Renewable Energy (SGRE) has been assigned a BBB long-term credit rating with stable outlook by Fitch.

The agency attributes the rating to Siemens Gamesa's consolidated leading position in the wind industry, with the necessary technical capabilities and scale to compete globally in an industry that is concentrated, volatile and highly competitive. Fitch also noted the company's geographical and industrial diversification, which enable it to be close to the customer in core markets while also enhancing logistics and operational costs. It also referred to the company's solid financial profile, in line with an investment grade rating within the capital goods sector.

This rating follows those assigned by Standard & Poor's (BBB-, outlook positive) and Moody's (Baa3, outlook stable).

David Mesonero, CFO of Siemens Gamesa, commented: "We are the first producer of wind generators to have a credit rating from all the big three agencies. This further underscores our sound financial position and leading status in the industry."

Source: IWR Online, 23 May 2019