Fitch rates OMV notes A-

Fitch Ratings said it assigned senior unsecured ratings of A- on OMV AG's 0.75% €500 million notes due 2023 and 1.875% €500 million notes due 2028.

The notes are rated in line with OMV's issuer default rating of A- as they are general, unsecured and unsubordinated obligations of the company, ranking pari passu with all present and future unsecured and unsubordinated obligations of the issuer, Fitch said.

The ratings reflect the company's strong balance sheet, prudent financial policy, increased oil and gas output and favorable prospects for production growth following acquisitions made in 2017 and 2018, the agency said.

Fitch said it believes the increase in production in countries with weaker systemic governance will largely be offset by an increase in total production, as well as reductions achieved in the breakeven oil price through those portfolio changes.

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