Scope Hamburg has affirmed the BBB project rating and the related BBB issuance rating for the EUR 815m senior secured amortising registered notes with a remaining term until 2028 issued by Borkum Riffgrund 2 Investor Holding GmbH. Key rating considerations remain a combination of moderate project risks, moderate financial risks, low operational risks and adequate terms of issuance with adequate recovery expectations. Subsequently Scope Hamburg withdraws the ratings for commercial reasons, as the contract for assigning and monitoring credit ratings was terminated. Scope Hamburg will no longer provide ratings or analytical coverage for Borkum Riffgrund 2 Investor Holding GmbH.
The offshore wind farm Borkum Riffgrund 2 is a joint investment of Ørsted and private equity investors. The wind farm is located in the German exclusive economic zone of the North Sea and has a total capacity of 450 MW, consisting of 36 monopile and 20 suction bucket supported MHI Vestas V164 turbines with a capacity of 8.0 MW each. The project is fully operational and currently owned by Ørsted (50%) and Gulf Energy (50%). Ørsted or an affiliate is managing the operation and maintenance of the wind farm.
Scope Hamburg GmbH (formerly Euler Hermes Rating GmbH) was founded in 2001 as an independent European rating agency focusing on issuer and issuance ratings. Scope Hamburg GmbH is registered as a credit rating agency (CRA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Scope Hamburg GmbH is a subsidiary of Scope Group, the leading European provider of independent credit ratings, ESG analyses and fund analyses.
Further information on this rating, corresponding reports and applied methodologies can be found at scopehamburg.com
© 2022 Scope Hamburg GmbH (“SHG”) and/or its licensors and affiliates. All rights reserved.
CREDIT RATINGS ISSUED BY SHG ARE SHG’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND SHG’S PUBLICATIONS MAY INCLUDE SHG’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. SHG DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND, IN THE CASE OF ISSUANCE-LEVEL CREDIT RATINGS, ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND SHG’S OPINIONS INCLUDED IN SHG’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND SHG’S PUBLICATIONS ARE NEITHER A PROSPECTUS NOR A SUBSTITUTE FOR INFORMATION ASSEMBLED AND PRESENTED BY COMPANIES OR ISSUERS FOR INVESTORS REGARDING THE PURCHASE OF A SECURITY OR FOR ASSESSING THE CREDITWORTHINESS OF A RATED ENTITY. CREDIT RATINGS AND SHG’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR SHG’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. SHG ISSUES ITS CREDIT RATINGS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, CONDUCT ITS OWN INDEPENDENT ANALYSES, CREDIT ASSESSMENTS AND OTHER VERIFICATIONS AND EVALUATIONS OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
SHG’S CREDIT RATINGS AND SHG’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE SHG’S CREDIT RATINGS OR SHG’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT SHG’S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by SHG from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. SHG adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources SHG considers to be reliable including, when appropriate, independent third-party sources. However, SHG is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the SHG publications.
Please note that summaries of contracts, laws and other documents contained in any SHG publication, rating report or other materials cannot replace careful study of the relevant complete texts.
SHG and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if SHG or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by SHG. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded and/or limited under applicable law.
SHG and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, on the part of, or any contingency within or beyond the control of, SHG or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. The limitations do not apply to the extent that fraud, intent or any other type of liability cannot be excluded and/or limited under applicable law.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY SHG IN ANY FORM OR MANNER WHATSOEVER.
The dissemination and use of an SHG rating report may be prohibited by law in certain jurisdictions. Any persons who come into the possession of such information should inquire about and comply with any prohibitions that may be in place. SHG assumes no liability of any kind with respect to such dissemination and use of any rating in any jurisdiction whatsoever.
Scope Hamburg GmbH