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Fitch lifts BG bonds to AA-
Fitch Ratings said it raised BG Energy Capital plc’s senior unsecured bond rating to AA- from A+. The also affirmed the AA- rating of BG’s parent, Shell plc.
“The upgrade follows a consent solicitation concluded in January 2023 through which Shell has replaced BG Energy Holdings plc (BGEH) as the guarantor of all outstanding euro- and sterling-denominated BGEC bonds. While U.S. dollar-denominated bonds continue to be guaranteed by BGEH, they benefit from a cross-acceleration provision with other BGEC bonds, which we view as sufficient to equalize the ratings with other BGEC bonds,” Fitch said in a press release.
The outlook is stable.
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