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Fitch revises Origin Energy to negative
Fitch Ratings said it revised the outlook on Origin Energy Ltd.'s long-term foreign currency issuer default rating to negative from stable.
The agency simultaneously affirmed Origin's long-term and short-term issuer default ratings at BBB+ and F2, respectively. The foreign currency senior unsecured rating was also affirmed at BBB+.
Fitch also affirmed Origin Energy Finance Ltd.'s foreign currency senior unsecured rating at BBB+ and Origin Energy Contact No. 2 Ltd.'s preference shares at BBB-.
Fitch said the outlook revision reflects reduced rating headroom from Origin's higher exposure to oil-linked earnings from liquefied natural gas exports amid a low oil price environment, less than expected equity raised to maintain its balance sheet quality and still overall challenging conditions in its utilities businesses, leading to low rating headroom under its BBB+ rating.
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