Origin: No Intention to Raise Equity on Back of Credit Rating Update, Australia

Origin Energy announced that Standard & Poor’s Ratings Services (S&P’s) revised its long term senior unsecured credit rating for Origin from BBB+ (negative outlook) to BBB (stable).

S&P’s credit rating determination is not dependent on the outcome from the dilution process in Australia Pacific LNG.

Origin’s current committed undrawn facilities, together with operating cash flow, provide sufficient liquidity to cover its Australia Pacific LNG funding commitment and the requirements of Origin’s existing business, without the need for any refinancing until the 2015 financial year.

Origin Managing Director Mr Grant King said, “Today’s rating outcome positions Origin well to support our existing business and continue to fund our commitment to the Australia Pacific LNG project from our existing debt facilities.

“Origin today confirmed that it has no intention to raise equity to fund its investment in Australia Pacific LNG, irrespective of the outcome from the dilution process,” Mr King said.

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LNG World News Staff, February 21, 2013