Bulletin: Orsted's Cancellation Of UK Hornsea 4 Project Has No Immediate Rating Effect - S&P Global Ratings’ Credit Research

Bulletin: Orsted's Cancellation Of UK Hornsea 4 Project Has No Immediate Rating Effect

Bulletin: Orsted's Cancellation Of UK Hornsea 4 Project Has No Immediate Rating Effect - S&P Global Ratings’ Credit Research
Bulletin: Orsted's Cancellation Of UK Hornsea 4 Project Has No Immediate Rating Effect
Published May 08, 2025
3 pages (1332 words) — Published May 08, 2025
Price Free  |  Buy this Report Now

About This Report

  
Abstract:

This report does not constitute a rating action. STOCKHOLM (S&P Global Ratings) May 8, 2025--S&P Global Ratings today said that Orsted A/S?s (BBB/Negative/A-2) announcement that it is discontinuing the 2.4 gigawatt Hornsea 4 project in the U.K. does not have any immediate negative implications for its rating. We note that the decision to stop the project carries a cancellation fee with a cash effect of about Danish krone (DKK) 1 billion to DKK1.5 billion. The company assumes there will be a total negative EBITDA effect of DKK3 billion-DKK3.5 billion in the second quarter of 2025 related to Hornsea 4, a large offshore wind farm off the U.K. coast. These impairments are not linked to previous impairments, namely U.S. projects, nor

  
Brief Excerpt:

... @spglobal.com Emmanuel Dubois-Pelerin Paris 33-14-420-6673 emmanuel.dubois-pelerin @spglobal.com...

  
Report Type:

Bulletin

Ticker
1001Z@DC
Issuer
Orsted A/S
Sector
Global Issuers
Country
Denmark
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
Buy Now

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Orsted's Cancellation Of UK Hornsea 4 Project Has No Immediate Rating Effect" May 08, 2025. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Orsted-s-Cancellation-Of-UK-Hornsea-4-Project-Has-No-Immediate-Rating-Effect-3365875>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Orsted's Cancellation Of UK Hornsea 4 Project Has No Immediate Rating Effect May 08, 2025. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Orsted-s-Cancellation-Of-UK-Hornsea-4-Project-Has-No-Immediate-Rating-Effect-3365875>
  
Free
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.