The stable outlook on Orsted reflects our assumption that the operating performance of Orsted's wind power segment will remain credit supportive over the next two years, thanks to the stable and predictable nature of the segment's operations. We expect Orsted's relationship with the Danish government to remain stable, and that there will be no significant changes to the company's current strategy or financial policies, which support FFO to debt of about 30%. We anticipate that Orsted will have some headroom for this target over the next two years, with FFO to debt averaging 40% before declining to about 34% in 2021. We could lower the rating if Orsted's operating performance were to deteriorate significantly over the next two years, which
