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S&P upgrades Ithaca Energy
S&P said it raised the long-term corporate credit rating on Ithaca Energy Inc. to B from B-.
The outlook is stable.
The agency also said it removed the rating from CreditWatch, where it was placed with positive implications in February.
S&P also said it raised by one notch to CCC+ the rating on Ithaca's $300 million senior unsecured notes due 2019. The recovery rating remains at 6, indicating negligible recovery prospects.
The upgrades follow the completion of the friendly takeover of Ithaca by the Israel holding company, Delek Group Ltd., which now owns 76% of Ithaca's shares, the agency said.
S&P said it now sees Ithaca as part of a wider and stronger group and it is considered to be a moderately strategic entity.
The agency said it assesses Ithaca's stand-alone credit profile at B-.
Delek's management, Ithaca will expand the group's footprint outside Israel, S&P said.
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