Moody's upgrades Origin Energy

Moody's Investors Service said it upgraded Origin Energy Ltd.'s long term issuer and its senior unsecured debt rating to Baa2 from Baa3 and short-term rating to P-2 from P-3.

Moody's also said it upgraded Origin Energy Finance Ltd.'s senior unsecured rating to Baa2 from Baa3, senior unsecured medium-term note program rating to provisional Baa2 from provisional Baa3 and preference stock rating to Ba1 from Ba2.

The agency also said it revised the outlook to stable from positive.

The upgrade reflects an expectation that Origin's credit metrics will be sustained at levels consistent with Baa2 rating parameters, a result of the improved underlying performance, Moody's said

The upgrade also considers the company's de-leveraging strategy and prudent balance sheet management, the agency said.

Due to those factors, Moody's said it considers Origin's credit metrics will continue to strengthen and be sustained at levels more appropriate for a higher rating.

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