Standard & Poor's misinterpreted by the Danish newspaper Politiken

24.04.2015 10:40


 

Lately, the media has speculated quite a lot as to whether DONG Energy needed the capital injection which fell into place at the beginning of 2014. Most recently, Politiken wrote on 21 April that DONG Energy's sale of 50% of the company's ownership interest in the offshore wind farm London Array last year, which yielded DKK 5.8 billion, meant that the company had enough money, and that the capital injection was unnecessary. Politiken has based this on comments from Alf Stenqvist, Director in the credit rating agency Standard & Poor’s, among other things.
 
However, Standard & Poor's published a press release on 22 April in which the agency states that it has been misinterpreted. Furthermore, Standard & Poor's states that it maintains that the stabilisation of DONG Energy's rating which took place on 15 May 2014 was not based on a single event, but based on an improvement of DONG Energy's operational and financial performance, including renegotiations of gas contracts, cost savings, divestments and an equity injection.