Moody’s reviews Ithaca Energy for cut

Moody's Investors Service said it placed under review for downgrade the B1 corporate family rating and a B1-PD probability of default rating of Ithaca Energy Ltd., as well as the B3 rating assigned to the $500 million senior unsecured bond due 2024 issued by Ithaca Energy (North Sea) plc and guaranteed on a senior basis by Ithaca and on a senior subordinated basis by some of its subsidiaries.

The outlook on both entities was revised to ratings under review from stable.

“Today's rating action reflects the fact that despite the extensive commodity hedging book built by the group in the context of the acquisition of Chevron North Sea Ltd. (CNSL) in November 2019, an extended period of low commodity prices would still hurt Ithaca's credit profile,” the agency said in a news release.

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