- Focus remains on reinforcing financial strength despite rating decision
- Capital measures already completed
RWE continues to implement the package of measures announced in August 2011. The objective of the package of measures is to reinforce the financial strength of the RWE Group. The capital measures that are part of the package have already been completed. The disposal programme is also underway. Group capital expenditure will be reduced considerably over the next few years: Capital investment in property, plant and equipment is to amount to €5 billion at the maximum in 2013, and to amount around €4 to 5 billion in the following years. In addition, RWE has launched a total of €1 billion in new efficiency improvements, to be implemented by 2014.
“Consistent implementation of the package of measures strengthens our financial power. As a result RWE is in a good position to access the bond market at attractive conditions at all times”, said Dr. Rolf Pohlig, CFO of RWE AG. “We assume that this will continue to be the case after the decision made by Standard & Poor’s today.“ The agency has downgraded RWE’s rating by one grade from A- to BBB+; the outlook has been raised from negative to stable. RWE is rated by Moody’s with A3 (negative outlook), by Fitch with A- (stable outlook).