Moody’s ups Gas Networks Ireland, notes to A3

Moody's Investors Service said it upgraded the long-term issuer rating for Gas Networks Ireland (GNI), as well as the long term senior unsecured rating on the €500 million notes due 2017, originally issued by Ervia and novated to Gas Networks in August 2015, to A3 from Baa1.

The agency concurrently affirmed Gas Networks’ P-2 short-term issuer rating.

The outlook was changed to stable from positive.

"Our decision to upgrade GNI's ratings is based on the company's moderate level of gearing, strong free cash flow generation, and the completion of its corporate restructuring. We also take into account the track record of the regulatory framework in Ireland which governs the vast majority of GNI's revenues," Fred Barasi, Moody's vice president senior analyst and lead analyst for Gas Networks, said in a news release.

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