Fitch assigns Energean, notes B+

Fitch Ratings said it assigned a B+ long-term issuer default rating to Energean plc and an expected senior secured rating of B+ with an RR4 recovery rating to the planned senior secured notes.

“Energean's B+ long-term IDR reflects the company's strong gas-weighted growth prospects in Israel supported by long-term sales contracts providing a clear path to near-term consolidated production of over 100 thousand barrels of oil equivalent per day (kboe/d) by 2023 and over 200kboe/d by 2024 under our assumptions, some additional growth potential in existing producing assets, reserve life of over 20 years on a 2P basis, as well as forecast moderate leverage once Israeli assets come online,” the agency said in a press release.

The outlook is stable.

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