Orsted A/S Credit Ratings

Entity - Ultimate Parent

Orsted A/S

EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


1			2			3			4			5

01Ratings

Rating	Action	Date	Type
BBB	Downgrade	10-Mar-2025	Long Term Issuer Default Rating
bbb	New Rating	10-Mar-2025	Standalone Credit Profile
WD	Withdrawn	05-Apr-2012	Short Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review �C No Action), please refer to the ��Latest Rating Action Commentary�� for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating
Standalone Credit Profile
Short Term Issuer Default Rating

Date :

10-Mar-2025

22-Jan-2025

21-Oct-2024

20-Feb-2024

03-Nov-2023

31-Jul-2023

21-Dec-2022

22-Dec-2021

23-Dec-2020

25-Jun-2020

27-Jun-2019

09-Nov-2018

30-May-2018

11-Oct-2017

14-Jun-2017

26-Oct-2016

29-Apr-2016

17-Jun-2015

22-Dec-2014

21-Feb-2014

15-Nov-2013

13-Mar-2013

13-Nov-2012

18-Nov-2011

19-Nov-2010

09-Jun-2009

02-May-2007

10-Jan-2007

Rating :

BBB

BBB+

A-

BBB+

Action :

Downgrade

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Downgrade

Upgrade

New Rating

02Rating Actions

Rating Action Commentary / Mon 10 Mar, 2025

��ֳ� Downgrades Orsted to 'BBB'; Outlook Stable

Rating Action Commentary / Wed 22 Jan, 2025

��ֳ� Revises Orsted's Outlook to Negative; Affirms IDR at 'BBB+'

Rating Action Commentary / Tue 20 Feb, 2024

��ֳ� Revises Orsted's Outlook to Stable; Affirms IDR at 'BBB+'

Rating Action Commentary / Fri 03 Nov, 2023

��ֳ� Revises Orsted's Outlook to Negative; Affirms IDR at 'BBB+'

Rating Action Commentary / Mon 31 Jul, 2023

��ֳ� Affirms Orsted at 'BBB+'; Outlook Stable

Rating Action Commentary / Wed 21 Dec, 2022

��ֳ� Affirms Orsted at 'BBB+'; Outlook Stable

Rating Action Commentary / Thu 08 Dec, 2022

��ֳ� Rates Orsted's EUR500m Hybrid Notes 'BBB-'

Rating Action Commentary / Tue 29 Nov, 2022

��ֳ� Rates Orsted's Proposed Hybrid Notes 'BBB-(EXP)'

Rating Action Commentary / Wed 22 Dec, 2021

��ֳ� Affirms Orsted at 'BBB+'; Outlook Stable

Rating Action Commentary / Fri 26 Feb, 2021

��ֳ� Rates Orsted's EUR500m and GBP425m Hybrid Notes 'BBB-'

Rating Action Commentary / Tue 09 Feb, 2021

��ֳ� Rates Orsted's Proposed Hybrid Notes 'BBB-(EXP)'

Rating Action Commentary / Thu 25 Jun, 2020

��ֳ� Affirms Orsted at 'BBB+'; Stable Outlook

Rating Action Commentary / Fri 06 Dec, 2019

��ֳ� Rates Orsted's EUR600 Million Hybrid Notes 'BBB-'

Rating Action Commentary / Wed 27 Nov, 2019

��ֳ� Rates Orsted's Proposed Hybrid Notes 'BBB-(EXP)'

Rating Action Commentary / Thu 27 Jun, 2019

��ֳ� Affirms Orsted at 'BBB+'; Stable Outlook

Rating Action Commentary / Wed 30 May, 2018

��ֳ� Affirms Orsted at 'BBB+'; Stable Outlook

Rating Action Commentary / Thu 16 Nov, 2017

��ֳ� Rates Orsted's Proposed EUR500m Green Hybrid Notes 'BBB-(EXP)'

Rating Action Commentary / Wed 14 Jun, 2017

��ֳ� Affirms DONG Energy at 'BBB+'; Stable Outlook

Rating Action Commentary / Fri 29 Apr, 2016

��ֳ� Affirms DONG Energy at 'BBB+'; Stable Outlook

Rating Action Commentary / Fri 08 May, 2015

��ֳ� Rates DONG Energy's EUR600m Hybrid Notes 'BBB-'

Rating Action Commentary / Wed 29 Apr, 2015

��ֳ� Rates DONG Energy's Proposed Hybrid Notes 'BBB-(EXP)'

Rating Action Commentary / Mon 22 Dec, 2014

��ֳ� Affirms DONG Energy at 'BBB+'; Stable Outlook

Rating Action Commentary / Fri 21 Feb, 2014

��ֳ� Revises DONG Energy's Outlook to Stable; Affirms at 'BBB+'

Rating Action Commentary / Fri 15 Nov, 2013

��ֳ� Affirms DONG Energy at 'BBB+', Outlook Negative

Rating Action Commentary / Fri 05 Jul, 2013

��ֳ� Rates DONG Energy's EUR500m Hybrid Notes Final 'BBB-'; 50% Equity Credit Assigned

Rating Action Commentary / Tue 02 Jul, 2013

��ֳ� Rates DONG Energy's Proposed Hybrid Notes 'BBB-(EXP)'; 50% Equity Credit Assigned

Rating Action Commentary / Fri 21 Jun, 2013

��ֳ� Rates DONG Energy's Hybrid Notes Final 'BBB-'; 50% Equity Credit Assigned

Rating Action Commentary / Mon 10 Jun, 2013

��ֳ� Rates DONG Energy's Proposed Hybrid Notes 'BBB-(EXP)'; 50% Equity Credit Assigned

Rating Action Commentary / Wed 13 Mar, 2013

��ֳ� Affirms 113 EMEA Utility & Transport Companies' Ratings

Commentary / Wed 13 Mar, 2013

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Rating Action Commentary / Tue 13 Nov, 2012

��ֳ� Affirms DONG Energy at 'BBB+'; Revises Outlook to Negative

Rating Action Commentary / Thu 31 May, 2012

��ֳ� Assigns DONG Energy Senior Unsecured and Subordinated Debt Class Ratings

Rating Action Commentary / Tue 29 May, 2012

��ֳ� Withdraws DONG Energy's Debt Class Ratings

Rating Action Commentary / Thu 05 Apr, 2012

��ֳ� Withdraws Short-term Ratings on Selected EMEA Corporate Issuers

Rating Action Commentary / Fri 18 Nov, 2011

��ֳ� Affirms DONG Energy at 'BBB+', Stable Outlook

Rating Action Commentary / Fri 19 Nov, 2010

��ֳ� Revises DONG Energy A/S's Outlook to Stable; Affirms at 'BBB+'; Rates Hybrid Expected 'BBB-'

Rating Action Commentary / Tue 26 Jan, 2010

��ֳ� Downgrades EMEA Corporate Hybrids on Revised Criteria

Rating Action Commentary / Tue 09 Jun, 2009

��ֳ� Downgrades Dong Energy A/S to 'BBB+'; Revises Outlook to Negative

Rating Action Commentary / Wed 02 May, 2007

��ֳ� Upgrades DONG Energy A/S to 'A-'; Outlook Stable

Rating Action Commentary / Wed 10 Jan, 2007

��ֳ� Rates DONG Energy A/S 'BBB+'; Outlook Positive

03Insights

Rating Report / Tue 25 Mar, 2025

Orsted A/S

Non-Rating Action Commentary / Tue 28 Jan, 2025

Trump Order Brings Risk to EMEA Utilities; Diversification Supports Ratings

Non-Rating Action Commentary / Thu 11 Jul, 2024

IG EMEA Generation Companies�� Credit Metrics Adequate Amid Challenging Conditions

Special Report / Thu 11 Jul, 2024

Investment-Grade EMEA Generation Companies �C Relative Credit Analysis

��ֳ� Wire / Wed 29 May, 2024

EMEA Utilities�� Slower Renewables Deployment Does Not Alter Transition

Rating Report / Tue 05 Mar, 2024

Orsted A/S

��ֳ� Wire / Tue 07 Nov, 2023

Higher Costs, Outdated Tariffs Put Pressure on Wind Industry

Rating Report / Wed 27 Sep, 2023

Orsted A/S

Non-Rating Action Commentary / Mon 04 Sep, 2023

Orsted Impairments Have No Immediate Rating Impact, Reduce Headroom

��ֳ� Wire / Mon 17 Apr, 2023

EMEA Investment-Grade Gencos to Boost Renewables Capex

Non-Rating Action Commentary / Thu 13 Apr, 2023

IG EMEA GenCos Resilient to Volatile Energy Markets

Special Report / Thu 13 Apr, 2023

Investment-Grade EMEA Generation Companies - Relative Credit Analysis

Rating Report / Tue 24 Jan, 2023

Orsted A/S

Non-Rating Action Commentary / Mon 06 Jun, 2022

No Rating Impact for Orsted from Russian Gas Halt

Non-Rating Action Commentary / Mon 12 Apr, 2021

��ֳ� Assigns ESG Vulnerability Scores to 100 Utilities

Special Report / Mon 12 Apr, 2021

��ֳ� Assigns ESG.VS to 100 Utilities

Non-Rating Action Commentary / Thu 11 Feb, 2021

Poland's Offshore Wind Boosted by PGE-Orsted Transaction

Non-Rating Action Commentary / Thu 07 Jan, 2021

Revenue Visibility Key for W. European Electricity GenCos

Special Report / Thu 07 Jan, 2021

Western European Electricity Generation Companies: Peer Review

Rating Report / Mon 21 Dec, 2020

Orsted A/S

Non-Rating Action Commentary / Thu 29 Oct, 2020

German Renewables' Sharp Growth Requires High Capex

Special Report / Thu 29 Oct, 2020

Spotlight: German Renewables' Sharp Growth Requires High Capex

Non-Rating Action Commentary / Wed 08 Apr, 2020

Coronavirus Reduces EMEA Utilities' Headroom, Leads to Few Rating Actions

Non-Rating Action Commentary / Thu 19 Sep, 2019

Disposal of Power Distribution Neutral for Orsted's Rating

Rating Report / Tue 20 Aug, 2019

Orsted A/S

Special Report / Fri 03 May, 2019

Top European Integrated Utilities: Peer Review

Non-Rating Action Commentary / Fri 03 May, 2019

Financial Structure, Market Position Key for Top European Utilities

Navigator Report / Mon 07 Jan, 2019

Orsted A/S - Ratings Navigator

��ֳ� Wire / Tue 27 Nov, 2018

Competitive Pressures Rise for EMEA Utilities' Renewables

Special Report / Tue 27 Nov, 2018

What Investors Want to Know: Utilities' Renewables

Non-Rating Action Commentary / Wed 27 Jun, 2018

Considered Disposal of Power Distribution Has No Rating Impact on Orsted

Rating Report / Mon 11 Jun, 2018

Orsted A/S

Special Report / Tue 06 Feb, 2018

What Investors Want to Know: Zero Subsidy Bids

Rating Report / Tue 11 Jul, 2017

DONG Energy A/S

Non-Rating Action Commentary / Thu 25 May, 2017

DONG Energy's Rating Not Affected by Oil & Gas Business Disposal

Rating Report / Tue 01 Nov, 2016

DONG Energy A/S

Navigator Report / Mon 31 Oct, 2016

DONG Energy A/S - Ratings Navigator

Non-Rating Action Commentary / Thu 28 Jan, 2016

No Rating Impact on DONG Energy from E&P Asset Write-down

Navigator Report / Tue 23 Jun, 2015

DONG Energy A/S - Ratings Navigator

Rating Report / Tue 16 Jun, 2015

DONG Energy A/S

Non-Rating Action Commentary / Mon 16 Feb, 2015

��ֳ� Publishes EMEA Utilities Ratings Navigator Companion

Special Report / Mon 16 Feb, 2015

EMEA Utilities: Ratings Navigator Reference File

Rating Report / Wed 21 May, 2014

DONG Energy A/S

Rating Report / Thu 09 May, 2013

DONG Energy A/S

��ֳ� Wire / Fri 19 Apr, 2013

Future CO2 Prices Remain Risk for Utilities After EU Vote

Rating Action Report / Wed 13 Mar, 2013

��ֳ� Affirms 113 EMEA Utility and Transport Companies' Ratings Ratings

Non-Rating Action Commentary / Fri 01 Mar, 2013

Planned Equity Injection May Help Stabilise DONG Energy's Outlook

Non-Rating Action Commentary / Thu 14 Feb, 2013

Study Notes Limited Extra Flexibility from Corp Hybrids

Special Report / Thu 14 Feb, 2013

The Rise in European Corporate Hybrids: Equity Credit Alone Not Indicative of Enhanced Financial Flexibility

Rating Report / Thu 02 Aug, 2012

DONG Energy A/S

04Sector Outlooks

Outlook Report / Thu 30 Jan, 2025

EMEA Corporates CLO Sector-Level Outlooks 2025

Outlook Report / Mon 09 Dec, 2024

EMEA Utilities Outlook 2025

Outlook Report / Fri 12 Jan, 2024

EMEA Corporates CLO Sector-Level Outlooks 2024

Outlook Report / Wed 29 Nov, 2023

EMEA Utilities Outlook 2024

Outlook Report / Wed 30 Nov, 2022

EMEA Utilities Outlook 2023

Outlook Report / Mon 02 Dec, 2019

��ֳ� 2020 Outlook: EMEA Utilities

Outlook Report / Fri 14 Dec, 2018

��ֳ� 2019 Outlook: Western European Investment-Grade Corporates

Outlook Report / Tue 04 Dec, 2018

��ֳ� 2019 Outlook: European High-Yield and Leveraged Credit

Outlook Report / Tue 12 Dec, 2017

��ֳ� 2018 Outlook: Western European Corporates

Outlook Report / Fri 01 Dec, 2017

��ֳ� 2018 Outlook: EMEA Utilities

Outlook Report / Tue 06 Dec, 2016

2017 Outlook: EMEA Corporates

Outlook Report / Mon 05 Dec, 2016

2017 Outlook: EMEA Utilities

Outlook Report / Wed 09 Dec, 2015

2016 Outlook: EMEA Corporates

Outlook Report / Tue 08 Dec, 2015

2016 Outlook: EMEA Utilities

Outlook Report / Wed 17 Dec, 2014

2015 Outlook: EMEA Utilities

Outlook Report / Fri 12 Dec, 2014

2015 Outlook: EMEA Corporates

Outlook Report / Fri 06 Dec, 2013

2014 Outlook: EMEA Corporates

Outlook Report / Tue 11 Dec, 2012

2013 Outlook: EMEA Corporates

Outlook Report / Fri 14 Jan, 2011

2011 Outlook: Nordic Utilities

05Securities and Obligations

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: GBP 750 mln 4.875% Notes 12 Jan 2032

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: XS0730243150 (Public)

Maturity Date: 12-Jan-2032
Currency: GBP
Amount: 750,000,000
Coupon Rate: 4.875%
Placement: Public

Issuer: Orsted A/S
Debt Level: subordinated
Issue: EUR 500 mln Variable hybrid capital instruments 24-Nov-3017

10-Oct-2024
WD
Withdrawn - Repaid
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed;

subordinated; hybrid capital instruments
ISIN: XS1720192696 (Public)

Maturity Date: 24-Nov-3017
Currency: EUR
Amount: 500,000,000
Placement: Public

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: EUR 750 mln 1.5% bond/note 26-Nov-2029

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: XS1721760541 (Public)

Maturity Date: 26-Nov-2029
Currency: EUR
Amount: 750,000,000
Coupon Rate: 1.5%
Placement: Public

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: EUR 15 bln program - medium term note

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed;

senior unsecured; program - medium term note

Currency: EUR
Amount: 15,000,000,000
Placement: Public

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: GBP 500 mln 5.75% bond/note 09-Apr-2040

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: XS0499449261 (Public)

Maturity Date: 09-Apr-2040
Currency: GBP
Amount: 500,000,000
Coupon Rate: 5.75%
Placement: Public

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: GBP 300 mln 2.5% bond/note 16-May-2033

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: XS1997070864 (Public)

Maturity Date: 16-May-2033
Currency: GBP
Amount: 300,000,000
Coupon Rate: 2.5%
Placement: Public

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: GBP 250 mln 0.375% bond/note 16-May-2034

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: XS1997071086 (Public)

Maturity Date: 16-May-2034
Currency: GBP
Amount: 250,000,000
Coupon Rate: .375%
Placement: Public

Issuer: Orsted A/S
Debt Level: senior unsecured
Issue: GBP 350 mln 2.125% bond/note 17-May-2027

10-Mar-2025
BBB
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
ISIN: XS1997070781 (Public)

Maturity Date: 17-May-2027
Currency: GBP
Amount: 350,000,000
Coupon Rate: 2.125%
Placement: Public

Issuer: Orsted A/S
Debt Level: subordinated
Issue: EUR 600 mln Variable hybrid capital instruments 09-Dec-3019

10-Mar-2025
BB+
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

subordinated; hybrid capital instruments
ISIN: XS2010036874 (Public)

Maturity Date: 09-Dec-3019
Currency: EUR
Amount: 600,000,000
Placement: Public

Issuer: Orsted A/S
Debt Level: subordinated
Issue: GBP 425 mln Variable hybrid capital instruments 18-Feb-3021

10-Mar-2025
BB+
Downgrade
Long Term Rating

Rating History

Country: Denmark
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Issued, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

subordinated; hybrid capital instruments
ISIN: XS2293681685 (Public)

Maturity Date: 18-Feb-3021
Currency: GBP
Amount: 425,000,000
Placement: Public

Page

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06��ֳ� Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating	10-Jan-2007
Standalone Credit Profile	10-Mar-2025
Short Term Issuer Default Rating	10-Jan-2007

Endorsement Status
EU Issued, UK Endorsed

Country of ��ֳ� Office
ITALY

Solicitation Status
Long Term Issuer Default Rating	Solicited - Sell Side
Standalone Credit Profile	Solicited - Sell Side

Country of Analyst
ITALY

08Identifiers

Type:	Dow Jones Ticker	LEI
Identifier:	ORSTED.KO	W9NG6WMZIYEU8VEDOG48

09Criteria

06Dec
2024

Active Criteria

10Analysts

Nicol�� Meroni
Primary Rating Analyst

Manuel Meneses Pereira, CFA
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review �C No Action), please refer to the ��Latest Rating Action Commentary�� for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

01Ratings

Rating History

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

06���������ֳ� Adjusted Financials

07Disclosures

08Identifiers

09Criteria

10Analysts

Credit-Relevant ESG Scale

06��ֳ� Adjusted Financials