Company Announcements

Credit Rating Upgrades

Source: RNS
RNS Number : 6201H
Ithaca Energy PLC
10 October 2024
 

10 October 2024

 

 

ITHACA ENERGY PLC (the "GROUP")

Credit Rating Upgrades

Ithaca Energy plc ("Ithaca Energy") is pleased to announce that following completion of the Group's Business Combination with substantially all of Eni S.p.A.'s UK upstream oil and gas assets on 3 October (the "Combination"), Fitch Ratings have upgraded Ithaca Energy's credit rating to BB- from B Flat, and in addition, have assigned an issue credit rating on Ithaca Energy (North Sea) plc's proposed 2029 senior Notes (the "Senior Notes") following the Group's Offering announcement earlier today, to BB-/RR4 from B+/RR3.

S&P Global Ratings have initiated coverage with a credit rating of BB- and assigned an issue credit rating of BB-/RR4 to the proposed 2029 Senior Notes.

In addition, Moody's Ratings has upgraded Ithaca Energy's corporate rating to Ba3 from B1 and concurrently, upgraded the proposed 2029 Senior Notes to B1 from B3.

All ratings have stable outlooks.

Iain Lewis, Chief Financial Officer of Ithaca Energy, commented:

"In line with previous expectations shared by the Group, we were delighted to receive ratings upgrades yesterday following the successful conclusion of our Business Combination with Eni UK."

 

Enquiries

 

Ithaca Energy


Kathryn Reid - Head of Investor Relations, Corporate Affairs & Communications

 

 

                  kathryn.reid@ithacaenergy.com

FTI Consulting (PR Advisers to Ithaca Energy)

+44 (0)203 727 1000

Ben Brewerton / Nick Hennis / Rosie Corbett

ithacaenergy@fticonsulting.com

 

 

 

***********************************

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEAFENEFSLFAA