Fitch upgrades ABP Finance bonds to BBB

Fitch Ratings said it upgraded the senior unsecured rating for the bonds of ABP Finance BV (previously Lundin Energy Finance BV) to BBB from BBB-, and removed it from rating watch positive.

The upgrade follows the completion of Aker BP ASA's acquisition of Lundin Energy AB's exploration and production on Thursday, the agency said.

As part of the deal, Lundin Energy Finance’s shares were transferred to Aker BP from Lundin Energy AB.

Bondholder guarantees were replaced with a parent guarantee from Aker BP. As a result, the Lundin Energy Finance's bonds now rank equally with all existing and future senior unsecured bonds directly issued by Aker BP. As part of the closing procedure Lundin Energy Finance was renamed ABP Finance BV, Fitch said.

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