���������ֳ�

Orsted A/S’s ratings reflect the company’s leading market position globally in offshore wind power. In the current business plan the company will broadly maintain its ambitious growth plan as well as its strong business profile supported by largely regulated or contracted earnings. ���������ֳ� continues to view Orsted’s commitment to a financial profile supporting its current rating level as credible given its conservative financial profile and the levers that management can use to defend the company’s credit metrics. We expect capex delays and a lack of progression regarding investment tax credit (ITC) qualifications to decrease the profitability of three large US projects and eliminate Orsted’s leverage headroom in 2025-2026. US Impairments: The recently announced US impairments have no immediate impact on ratings, but reduce headroom under our revised figures. ���������ֳ� continues to closely monitor both the evolution of the final ITC bonus award as well as the easing of domestic supply chains, while waiting the final investment decisions on the US projects by early 2024. Conservative Financial Policy: ���������ֳ� views Orsted’s commitment to a financial profile commensurate with the current rating as credible, given its current strong financial standing, the flexibility built into the business plan and the different levers that management can use to defend its credit position. These have already been used on occasion and include project postponements or reconfigurations, acceleration of the asset-rotation plan and a degree of flexibility within the dividend policy, commensurate with distribution growth targets.