Fitch affirms Seplat

Fitch Ratings said it affirmed Seplat Energy plc's long-term issuer default rating at B- with a stable outlook.

The rating remains constrained by the Nigeria's country ceiling of B- due to high concentrations of Seplat's assets and export funds flows in the country, the agency said.

Fitch said the rating also reflects Seplat's stable credit metrics and expectations of a stronger business profile on the completion of its acquisition of Mobil Producing Nigeria for around $1.3 billion.

“Despite the mix of debt and cash funding of the acquisition, we expect the company's funds from operations (FFO) net leverage to remain below 2.0x by 2026,” the agency said in a news release.

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