On 22 January 2016, Moody’s Investor Services (Moody’s) placed Origin Energy Limited’s (Origin) rating on review following a reduction in Moody’s central oil price scenario.
Origin notes that Moody’s has completed its review and reaffirmed its long-term senior unsecured credit rating for Origin at Baa3 (negative).
Moody’s announcement follows Standard & Poor’s Financial Services’ decision on 18 March 2016 to reaffirm its long-term senior unsecured credit rating for Origin as BBB- (stable).
Origin continues to take action to strengthen its balance sheet and build resilience in its two existing businesses to a low oil price environment. The company has in excess of $6.6 billion of committed undrawn debt facilities and cash1 – which is more than sufficient to support remaining contributions to Australia Pacific LNG – and no material refinancing requirements until FY19.
1 As at 29 February 2016
Senior External Affairs Manager
Ph: +61 2 9375 5834
Mobile: +61 417 851 287
Group Manager, Investor Relations
Ph: + 61 2 9375 5816
Mobile: +61 467 799 642
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.2 million customer accounts), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe).
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.