Centrica plc notes the result of its annual reviews with both Moody’s Investors Service (“Moody’s”) and S&P Global Ratings (“S&P”).
On 14 March, Moody’s affirmed an unchanged rating of Baa1 (stable outlook).
On 2 April, Standard and Poor’s downgraded the long-term issuer credit and issue ratings of Centrica to BBB (stable outlook) from BBB+ (negative outlook). This change in rating follows a three-year period of Centrica being on a negative outlook.
As part of its financial framework, the Company targets strong investment grade credit ratings. Centrica will be able to operate effectively at the revised rating, with the near-term impact expected to be limited to posting a small amount of additional collateral, in the form of letters of credit, on some commodity procurement and trading positions.
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