Orsted’s S&P rating one step above junk

Orsted’s long-term issuer credit rating was dropped one notch to BBB-, just one step above junk, S&P said in a statement on Thursday.

Orsted was downgraded to the lowest tier of investment grade by S&P Global Ratings on increasing risks to its US offshore wind business as the Trump Administration moves to halt the sector’s development.

It’s just the latest bit of bad news for the company after the announcement of a rights issues on Monday sent shares plunging the most ever this week.