S&P rates Origin Energy notes BB+

Standard & Poor’s said it assigned a BB+ long-term issue credit rating to a proposed €1 billion subordinated capital securities issue by Origin Energy Finance Ltd., a wholly-owned subsidiary of Origin Energy Ltd.

The proposed securities will benefit from an unconditional and irrevocable subordinated guarantee from Origin Energy, S&P said.

The capital securities were rated two notches below the company’s long-term corporate credit rating considering the notes’ subordinated status and optional deferability, the agency said.

The proceeds will be used for general corporate purposes, including refinancing of existing debt recently drawn down for its acquisition of a 40% interest in two offshore exploration permits in Western Australia’s Browse Basin, S&P said.

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