Fitch follows S&P in cutting Orsted’s outlook

(Reuters) – Rating agency Fitch on Friday downgraded the outlook on Danish renewable energy firm Orsted’s (ORSTED.CO) rating to negative, a day after S&P warned of a possible debt downgrade due to the company’s massive losses on projects in the United States.

Fitch affirmed Orsted’s Long-Term Issuer Default Rating (IDR) at ‘BBB+’.

The world’s largest offshore wind developer on Wednesday said it had halted plans for two U.S. wind farms and that related impairments had surged above $5 billion, sending its share price down 26% to a six-year low.