Fitch raises British Energy

Fitch Ratings said it upgraded both British Energy Group plc's and British Energy Holdings plc's senior unsecured ratings to BB from BB-.

The outlook remains stable.

The rating of British Energy Holdings' amortizing bonds, guaranteed by the group's material operating subsidiaries, was also upgraded to BB from BB-.

"The upgrade reflects the positive developments of the extension to the scheduled lifetime at the Dungeness B power station and Fitch's expectation that wholesale electricity prices are likely to remain high in the short- to medium-term," said Steve Durose, Fitch's U.K. utilities analyst.

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