Fitch drops Phoenix Natural view to negative

Fitch Ratings said it revised Phoenix Natural Gas Ltd.’s outlook to negative from stable and affirmed the company's long-term issuer default ratings at BBB.

The revision of the outlook reflects the pressure on PNG's financial profile and, ultimately, its ratings from the draft price control determination (DD) for the new regulatory period GD23. Fitch's preliminary forecast suggests a material deterioration in interest cover metrics, well below the thresholds that are commensurate with the rating. We may revise the outlook to stable or downgrade the ratings depending on the final determination (FD) for GD23 in September 2022 and the company's remedial measures,” the agency said in a press release.

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