Fitch puts Neptune on positive watch

Fitch Ratings said it placed Neptune Energy Group Midco Ltd.’s BB+ issuer default rating on rating watch positive.

This placement follows Neptune’s announcement of its acquisition by Eni SpA, with German assets being carved out and its Norwegian assets sold to Var Energi ASA as part of the closing procedure.

Fitch said it also affirmed Neptune Energy Bondco plc's senior unsecured notes at BB+/RR4. The issuer is a direct subsidiary of Neptune, which guarantees the notes on a senior unsecured basis. Neptune's bonds and its reserve-based loan will be repaid ahead of closing.

“The RWP reflects our expectation that Eni will integrate Neptune's assets to maximize industrial synergies and use its infrastructure and broader market access to achieve higher price realization across gas-heavy production added through the acquisition,” Fitch said in a press release.

The agency said resolving the RWP could take more than six months since the deal is expected to close in the first quarter of 2024.

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