Moody's lowers Origin Energy

Moody's Investors Service said it downgraded the issuer and senior unsecured ratings of Origin Energy Ltd. and Origin Energy Finance Ltd. to Baa2 from Baa1.

Moody's also lowered Origin Energy Finance's preference stock rating to Ba1 from Baa3.

Moody's also affirmed Origin's short-term prime-2 rating.

The outlook is stable.

The downgrades follow Origin's weaker-than-expected performance outlined in its financial results for the half-year ending December 2012, Moody's said.

This will challenge Origin's capacity to preserve financial metrics appropriate for its Baa1 rating, the agency said.

The downgrades also consider the weakened operating environment and the increasing challenge for Origin to maintain the financial metrics for a Baa1 rating, Moody's said.

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