Moody’s Investors Service has downgraded the debt rating of Vestas to Baa2 from Baa1 after the Danish wind turbine manufacturer when publishing a massive 2022 loss said ongoing price inflation and other factors would delay a return to profitability.

The ratings agency also changed Vestas’ outlook to stable from negative.

Vestas shares at the Copenhagen stock exchange initially opened lower on Friday, but then made good some of the losses, falling 0.75%