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Bulletin: Ratings On U.K. Utility Centrica Unaffected By Announced ?1 Billion Acquisition Of Norwegian Gas Assets Nov 11
Standard & Poors, Nov 2011
Abstract
LONDON (Standard & Poor's) Nov. 22, 2011--Standard & Poor's Ratings Services said today that the announcement by U.K.-based electricity and gas utility Centrica PLC (A-/Stable/A-2) that it is acquiring gas fields in the Norwegian North Sea from Statoil ASA (AA-/Stable/A-1+), for a consideration of -1 billion, has no immediate effect on our ratings or outlook on Centrica. We understand the assets acquired are cash generative, and, in our view, the increase in adjusted debt resulting from the transaction will have only a marginal effect on Centrica's consolidated debt coverage ratios. Consequently, we anticipate that the company's credit metrics will remain above the 35% that we consider commensurate with our 'A-' long-term corporate credit rating on Centrica. We consider that the...
Companies mentioned in this report are: Centrica PLC
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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