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S&P shifts Origin Energy view to negative
S&P said it revised Origin Energy Ltd.’s outlook to negative from stable but affirmed its BBB issuer rating.
“Our negative outlook on Origin Energy reflects the pressure the company is facing in its core energy markets. We expect lower wholesale power prices, retail tariff resets, and increased gas supply costs to significantly cut Origin Energy's EBITDA and earnings over the next 12-18 months,” S&P said in a press release.
Already, Origin is facing challenging market conditions, leading it to lower the EBITDA guidance for energy markets for fiscal 2021 by about 20%, compared with its original guidance of about A$1.2 billion. The revised guidance is about 33% lower compared with fiscal 2020 results, the agency noted.
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