Origin Energy Limited (Origin) notes Moody’s Investor Services’ decision to revise its long term senior unsecured credit rating for Origin from Baa2 (negative outlook) to Baa3 (stable).
Moody’s revision follows settlement earlier today of the sale of Origin Group’s 53.09 per cent shareholding in New Zealand Stock Exchange listed Contact Energy Limited (Contact) held by Origin’s New Zealand wholly owned subsidiaries.
Origin Executive Director Finance & Strategy, Ms Karen Moses said, "Proceeds from the sale of Origin’s interest in Contact will provide Origin increased financial flexibility in the short to medium term."
The revision of Origin’s rating to Baa3 (stable) harmonises the ratings from Moody’s and Standard & Poor’s and does not have a material impact on Origin.
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About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&P/ASX 20 Index, the Company has approximately 6,900 employees and is a leading producer of gas in eastern Australia. Origin is Australia’s largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has one of the country’s largest and most flexible generation portfolios with approximately 6,000 MW of capacity, through either owned generation or contracted rights.
Origin’s strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia’s largest CSG to LNG projects based on Australia’s largest 2P CSG reserves base.
Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.
For more information go to www.originenergy.com.au