Moody’s changes MOL outlook to positive

Moody's Investors Service said it changed the outlook on MOL Hungarian Oil and Gas plc and MOL Group Finance SA to positive from stable. At the same time, the agency affirmed MOL's long-term issuer rating at Baa3 and the (P) Baa3 rating of the backed senior unsecured euro medium-term note program at its fully guaranteed subsidiary MOL Group Finance.

The positive outlook on MOL's ratings reflects its improved diversification and earnings capacity since 2018 together with very strong credit metrics. For 2023, 2024 and 2025 Moody's expects MOL's RCF/net debt ratio to moderate somewhat but remain above 40% (excluding third-party guarantees already included in the consolidated accounts) unless the government does not reduce the extraordinary windfall taxes and charges on MOL's earnings (which amounted to about 30% of EBITDA in the first nine months of 22 and 50% in the first nine months of 23) in line with lower earnings,” the agency said in a press release.

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