Moody’s upgrades Aker BP

Moody’s Investors Service said it upgraded the corporate family rating of Aker BP ASA to Ba1 from Ba2 and the probability of default rating to Ba1-PD from Ba2-PD.

Concurrently, the agency also upgraded the rating on the $400 million senior notes due 2022 to Ba2 from Ba3.

The outlook remains stable.

Moody’s said the upgrade reflects the growing production of Aker, both organically and inorganically, supported by a stronger financial profile with gross adjusted debt/EBITDA expected to be maintained below 2.0x in 2018-2020.

The agency said the Ba1 rating reflects the company's strong track record of acquiring the right assets while maintaining a prudent financial policy.

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