Fitch Ratings has upgraded RWE’s long-term rating by one notch to BBB+ with a stable outlook.

The short-term rating was raised from F2 to F1 and the rating relevant to subordinated hybrid bonds was raised from BB+ to BBB-.

Fitch acknowledged in particular RWE’s focus on expanding renewable energy, RWE said.

RWE chief financial officer Markus Krebber (pictured) said: “The fact that Fitch is upgrading our rating is further proof that RWE’s strategic realignment as one of the global leaders in renewables is being acknowledged by the capital market.

“We are investing billions of euros in the value-driven expansion of our portfolio of wind and solar power plants, and at the same time we are exiting reliably and responsibly from nuclear energy and coal. We have a clear goal here: to be carbon-neutral by 2040.

“Financially too, we are in an excellent position – with and outstanding business performance in 2020, a strong equity base and a low leverage factor.”