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Fitch: Origin Energy to stable
Fitch Ratings said it affirmed Origin Energy Ltd.'s long-term foreign-currency issuer default rating and its foreign-currency senior unsecured rating at BBB and revised the outlook on the issuer default rating to stable from negative.
The agency also affirmed Origin Energy Finance Ltd.'s foreign-currency senior unsecured rating at BBB.
Fitch said the outlook revision incorporates its expectation that the improvement in Origin's financial performance, driven by its utility business, will be sustained.
The agency also said the financial risk profile is likely to improve if the company is able to complete a proposed divestment of its conventional upstream business and reduce debt.
Fitch expects limited adverse impact from the loss of an internal hedge following the potential divestment because the proposed deal incorporates long-term gas supply agreements.
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