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Ithaca Energy in line for potential credit rating upgrades
(Sharecast News) - UK North Sea oil and gas operator Ithaca Energy said in an update on Wednesday that both Moody's Ratings and Fitch Ratings were considering an upgrade to its corporate family rating. The London-listed firm said the potential upgrades followed its announcement of a proposed combination with Eni's UK upstream assets.
It said the ratings agencies had decided to review for an upgrade due to the substantial increase in Ithaca's average daily production and reserve base that would take place on completion of the acquisition.
Additionally, the company was expected to maintain robust financial metrics and liquidity, supported by the cash-generating nature of the expanded producing asset base and the expected de-leveraging effect of the transaction.
Despite its plan to distribute up to $500m to shareholders annually in 2024 and 2025, Ithaca said it was committed to conservative financial policies and leverage.
The potential upgrades were also said to be influenced by the greater diversification within Ithaca's shareholding structure and board composition expected following the completion of the transaction.
At 1108 BST, shares in Ithaca Energy were down 0.68% at 117.4p.
Reporting by Josh White for Sharecast.com.
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