Fitch raises Energean

Fitch Ratings said it upgraded its ratings for Energean plc and its senior secured notes to BB- from B+. The recovery rating is RR3.

“The upgrade reflects Energean's enlarged output from a ramp-up of production in the Karish field. It also reflects our expectation that EBITDA net leverage will decline to below 2x by 2025 from 6.3x in 2022,” Fitch said in a statement.

The agency said it estimates Karish’s 2023 production contribution will be around 85kboe/d, increasing above 150kboe/d next year as Karish North comes onstream and a full year of run-rate production is realized.

The outlook is stable.

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