Fitch cuts BG Energy

Fitch Ratings said it downgraded UK-based BG Energy Holdings Ltd.'s long-term issuer default rating to A- from A, the short-term issuer default rating to F2 from F1 and removed all ratings from Rating Watch Negative.

The outlook is stable.

Fitch said the downgrade reflects its belief that there is a high likelihood of the company's credit metrics remaining stretched for an extended period because of its continuous ambitious investments and failure to deliver on previously set production targets, despite a series of disposals.

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