Our credit rating target is to be within the single A category on a stand-alone basis. This rating ensures access to relevant capital markets at favourable terms and conditions.
As of 31 December 2023, Equinor had a long-term credit rating of Aa2 (Moody’s Investors Service) and AA- (Standard & Poor’s Global Ratings), including an uplift due to state ownership (two notches from Moody’s Investors Service and one notch from Standard & Poor’s Global Ratings compared to their respective stand- alone credit rating assessments of Equinor). This rating is well above our rating target and ensures sufficient predictability when it comes to funding access at attractive terms and conditions.
Equinor generally seeks to establish financing at the corporate (top company) level. Loans or equity are then extended to subsidiaries to fund their capital requirements.
Project financing may be used in cases involving incorporated joint ventures with other companies. The aim is to always have access to a variety of funding sources across different markets and instruments, as well as maintain relationships with a core group of international banks that provide a wide range of banking services.
