Orsted ‘Surprise’ Credit Downgrade Caps Worst Week on Record (2)

Orsted A/S’s debt was downgraded by S&P Global Ratingsto the lowest tier of investment grade, surprising some analysts days after the Danish wind turbine maker announced a $9 billion rights offering to shore up its finances.

S&P cited Orsted’s “high-risk strategy” as the company struggles to complete wind farms on time and sell stakes in key projects — especially in the US where President Donald Trump is opposed to offshore wind. Orsted’s stock has plunged by more than a third this week, slicing more than $6.5 billion off its market value, while the rights issue has sparked a ...