Orsted's 2017 financial performance was in line with our expectations, following the successful partial disposal of Walney Extension and Borkum Riffgund 2. Although Orsted's credit metrics are well above our guidance for the current rating and we expect them to remain this way, we consider the company's creditworthiness continues to be constrained by its financial policy target of funds from operations to debt of about 30%. We are affirming our 'BBB+/A-2' ratings on Orsted. The stable outlook reflects our assumption that the operating performance of Orsted's wind power segment will remain supportive of the rating over the next two years and there will be no significant changes to the company's current strategy or financial policies. On April 25, 2018, S&P
