S&P eyes Harbour Energy positively

S&P said it placed all its ratings for Harbour Energy plc, including the B- senior unsecured ratings, on CreditWatch with positive implications.

On Thursday, Harbour announced the acquisition of substantially all Wintershall Dea AG's non-Russian upstream assets. The acquisition will drive oil and gas production to above 500,000 barrels of oil equivalent per day (boepd), from about 190,000 boepd in 2023, which will boost the company's EBITDA.

“The CreditWatch positive reflects that we will likely upgrade Harbour upon completion of the acquisition. Given the size of the combined business, we anticipate that we may rate it BBB-, subject to financial policy and capital allocation priorities,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.