...Business Risk: Satisfactory Financial Risk: Modest + Global leader in offshore wind with a market share of about 30%. + Solid track record for completing wind farms construction projects on time and within budget. + State of Denmark as historically supportive shareholder to remain (at least) until 2020 as majority shareholder. + Expansion outside of Europe in offshore wind, notably in the U.S. and Taiwan, could present some risks, despite adding geographic diversification. + Significant increase in zero-subsidies auctions could weaken the business risk profile, although not in the foreseeable future. + Strong and sustained financial performance improvement, thanks to ongoing revenue and EBITDA growth in its subsidized offshore wind projects. + Financial policy of funds from operations (FFO) to debt of around 30% as key credit target. + Flexible capital expenditure (capex) and dividend plan, which can be tailored to maintain the current rating level. + Potential mergers and acquisitions...
