11/23/2022 | Press release | Distributed by Public on 11/23/2022 06:59
Neste Corporation, Press Release, 23 November 2022 at 2 p.m. (EET)
Moody's Investors Service has assigned an A3 long term issuer rating and a baseline credit assessment (bca) of baa1 to Neste Corporation. Neste's outlook is stable.
Moody's rating rationale highlights Neste's strong business profile with high profitability as a global producer of renewable products, the competitive advantage in sourcing waste and residues as main feedstock, and growing end market demand for renewable fuels and renewable raw materials for polymers and chemicals supported by both mandated and voluntary demand in Europe and North America.
"Obtaining a credit rating provides an important supportive step to Neste's vision of being a global leader in renewable and circular solutions. Following a thorough review of Neste's operations, strategic plans and financial profile, we highly value the A3 credit rating obtained from Moody's. The credit rating will importantly help Neste in its funding arrangements related to the execution of its strategy. We also seek to maintain a strong investment grade credit rating going forward," says Martti Ala-Härkönen, Neste's Chief Financial Officer.
Nordea acted as Neste's advisor in the process.
Vice President, Communications
With media inquiries, please contact Neste's media service, tel. +358 800 94025 / [email protected] (weekdays from 8.30 a.m. to 4.00 p.m. EET).
With other inquiries, please contact Vice President, Group Treasurer and Chief Risk Officer Katariina Perkkiö, tel. +358 504 581 492.
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world's leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2021, Neste's revenue stood at EUR 15.1 billion. Read more: neste.com