Moody’s Investors Service and Fitch Ratings recently upgraded Westinghouse Electric Co.’s credit ratings, and S&P Global revised the company’s positive outlook.
“We are pleased that the rating agencies have recognized the strength of our business and the viability of our long-term growth strategy,” Shravan Chopra, Westinghouse CFO, said. “Taken together, these upgrades reflect Westinghouse’s competitive market position, strong financial performance and execution.”
Moody’s upgraded Westinghouse’s corporate family rating from B2 to B1, Fitch Ratings upgraded its Issuer Default Ratings from B to B+, and S&P Global Ratings revised the company’s outlook from stable to positive and affirmed Westinghouse’s B issuer credit.
The credit agencies cited favorable industry tailwinds in raising their ratings as well as Westinghouse’s earnings before interest, taxes, depreciation, and amortization performance, increased customer orders, and a strong competitive position.
The company also recently announced that it booked its first customer for its eVinci microreactor. The Saskatchewan Research Council (SRC), Canada’s second-largest research and technology organization, will use the microreactor by 2029.
Where the microreactor will be used will be determined, and the timeframe is subject to licensing and regulatory requirements.
The Canadian government awarded Westinghouse a $20 million Strategic Innovation Fund grant last year to support further development of the eVinci microreactor.