REG - Ithaca Energy PLC Delek Group - DLEKG - Credit Rating Upgrades

Ithaca EnergyAnnouncement

10/10/2024 07:00

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RNS Number : 6201H  Ithaca Energy PLC  10 October 2024

10 October 2024

 

 

ITHACA ENERGY PLC (the "GROUP")

Credit Rating Upgrades

Ithaca Energy plc ("Ithaca Energy") is pleased to announce that following
completion of the Group's Business Combination with substantially all of Eni
S.p.A.'s UK upstream oil and gas assets on 3 October (the "Combination"),
Fitch Ratings have upgraded Ithaca Energy's credit rating to BB- from B Flat,
and in addition, have assigned an issue credit rating on Ithaca Energy (North
Sea) plc's proposed 2029 senior Notes (the "Senior Notes") following the
Group's Offering announcement earlier today, to BB-/RR4 from B+/RR3.

S&P Global Ratings have initiated coverage with a credit rating of BB- and
assigned an issue credit rating of BB-/RR4 to the proposed 2029 Senior Notes.

In addition, Moody's Ratings has upgraded Ithaca Energy's corporate rating to
Ba3 from B1 and concurrently, upgraded the proposed 2029 Senior Notes to B1
from B3.

All ratings have stable outlooks.

Iain Lewis, Chief Financial Officer of Ithaca Energy, commented:

"In line with previous expectations shared by the Group, we were delighted to
receive ratings upgrades yesterday following the successful conclusion of our
Business Combination with Eni UK."

 

Enquiries

 

 Ithaca Energy
 Kathryn Reid - Head of Investor Relations, Corporate Affairs                    kathryn.reid@i
 & Communications                                              (mailto:kathryn.reid@ithacaenergy.com) thacaenergy

                                                             (mailto:kathryn.reid@ithacaenergy.com) .com
                                                               (mailto:kathryn.reid@ithacaenergy.com)

 FTI Consulting (PR Advisers to Ithaca Energy)                 +44 (0)203 727 1000
 Ben Brewerton / Nick Hennis / Rosie Corbett                   ithacaenergy@fticonsulting.com (mailto:ice@fticonsulting.com)

 

 

 

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