Moody’s elevates Equinor

Moody's Investors Service said it upgraded the senior unsecured debt ratings of Equinor ASA to Aa2 from Aa3 and its baseline credit assessment to a1 from a2.

At the same time, the agency affirmed Equinor's P-1/provisional P-1 commercial paper and other short-term ratings.

The outlook is stable.

"Our decision to upgrade Equinor reflects sustained positive momentum in upstream production, profit growth and stronger cash-flow generation on the back of reduced costs and higher oil prices,” Sven Reinke, Moody's senior vice president, said in a news release.

“Equinor has lowered the breakeven oil price of its operations and has reduced the level of capital investments to sustain the production profile which improves its resilience to volatile oil prices."

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