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Rating agency Moody’s upgraded RWE’s long-term rating from Baa3 to Baa2 with a stable outlook. For the subordinated hybrid bonds, the rating increased from Ba2 to Ba1. At the same time, Moody’s upgraded the short-term rating from P-3 to P-2.
The analysts stated the primary reasons for upgrading their ratings as being RWE’s strong operating performance in 2020 and the progress made on implementing the strategy with its focus on renewable energies. They expect that the growing revenues from the renewables business will compensate for the exit from coal and nuclear energy in the long run. Furthermore, Moody’s emphasised RWE’s excellent financial base.
Rating agency Fitch had already acknowledged RWE’s performance in March by upgrading the company’s long-term rating to BBB+ with a stable outlook.