Moody’s moves AGL trend to stable

Moody's Investors Service said it revised the outlook on AGL Energy Ltd. to stable from negative and affirmed AGL's Baa2 long-term issuer and senior unsecured ratings and its (P)Baa2 senior unsecured medium-term note program rating.

The revised outlook incorporates the resolutions in AGL's annual general meeting on Nov. 15, “particularly the adoption of the company's climate transition action plan that provides visibility into AGL's future business model and associated investment requirements.

“The stable outlook reflects 1) the financial flexibility over the next few years under the Plan that will underpin AGL's capacity to make the investment to facilitate the transition 2) greater clarity on AGL's longer-term transition plan that, if executed successfully, will reduce the acute environmental, social and governance (ESG) risks facing its credit profile, 3) the company's track record and commitment to maintaining the Baa2 credit ratings, and 4) clarity on the composition, diversity and independence of the board that informs Moody's governance risk assessment,” the agency said in a press release.

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