Technip Energies: S&P downgrades credit rating

(Boursier.com) — S&P lowers the long-term credit rating by Technip Energies from “BBB” to “BBB-” following the events in Ukraine. The agency believes that the Russian Arctic LNG 2 project is largely compromised, which should lead to a significant drop in the group’s order book. The Russian market is seen as a major geographic area for the company, accounting for around 23% of the €16.4 billion order book at end-December 2021. The ‘stable’ outlook reflects favorable market conditions and a decline limited for the company if the Arctic LNG 2 project were to be stopped definitively.