Fitch trims, pulls AusNet Services

Fitch Ratings said it downgraded AusNet Services Ltd.'s long-term issuer default rating to BBB from BBB+. The agency also trimmed the IDR on AusNet Services Holdings Pty Ltd. to BBB from BBB+ and the senior unsecured rating to BBB+ from A-.

The outlook is stable. Fitch simultaneously withdrew all the ratings.

“The downgrade reflects Fitch's expectation of a sustained weakening in AusNet's credit metrics beyond the previously set downgrade triggers, following the addition of $2 billion in debt to its balance sheet after the acquisition of all its shares by a Brookfield Asset Management, Inc. (A-/stable)-led consortium on Feb. 16, 2022.

“The stable outlook reflects our view that Brookfield will adopt a capital management strategy consistent with its stated intent of maintaining strong investment-grade credit metrics at AusNet that would remain adequate for its current rating,” Fitch said in a press release.

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