Senvion's credit approaches lowest rating

Lacking interest payments, loss-incurring projects and general problems prompt Moody's to downgrade the wind turbine manufacturer's credit rating to second-lowest notch with a negative outlook.

Photo: Senvion

Moody's has downgraded Senvion's credit rating for the second time in just two months. Set to Ca, the German wind turbine manufacturer is now ranked on the second-lowest rating in the rating bureau's 21-level scale – and the outlook remains negative, informs Moody's in a statement.

The downgrade is, just like the last time, based on the company's dismal financial situation. However, whereas April's lower placement referred to Senvion's challenge in securing financing and its subsequent application for insolvency protection, this round highlights lacking interest payments.

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