Aker BP ASA («AKERBP») is pleased to announce that international credit rating agencies S&P and Moody’s today have announced their credit ratings and outlook for Aker BP.
S&P assigned a BB+ long-term corporate credit rating with stable outlook. Moody’s assigned a Ba2 corporate family rating with stable outlook.
In their ratings reports the agencies note Aker BP’s strong financial profile, the low cost profile of assets as well as the supportive tax regime. Both agencies have assigned stable outlooks with S&P stating: «The stable outlook reflects our view that Aker BP’s weighted-average credit metrics will remain commensurate with the rating, although declining, over the next three years, with FFO to debt in the mid-30% range. We anticipate metrics will improve when the Johan Sverdrup field starts producing, which is included in our base case.»