Centrica plc notes that Standard & Poor’s Ratings Services today downgraded the long-term issuer credit and issue ratings of Centrica to BBB+ (stable outlook) from A- (negative outlook) citing that despite the constructive outcome of the strategy review, and the belief that Centrica will successfully deliver the new strategy, sustained low commodity prices and a competitive retail environment remain. The upgrade to stable outlook follows a year-long period of Centrica being on negative outlook.
Centrica continues to target strong investment grade credit ratings. Both Standard & Poor’s BBB+ (stable outlook) and Moody’s Investors Service Baa1 (stable outlook) ratings are consistent with this target.
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