Moody’s upgrades Aker BP

Moody’s Investors Service said it upgraded Aker BP ASA and its senior unsecured notes to Baa3 from Ba1.

Moody’s withdrew Aker BP’s corporate family rating of Ba1 and probability of default rating of Ba1-PD following its upgrade to Baa3.

Moody’s said The recent change in Aker BP’s financial policy and the new guidance of a minimum level of dividends of $450 million is more prudent than previous expectations, allowing the company to allocate its free cash flow generation to the development of its resources to be turned in production while keeping its leverage moderate.”

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.