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S&P affirms Origin Energy
Standard & Poor's said it affirmed the BBB+ long-term and A-2 short-term corporate credit and debt ratings on Origin Energy Ltd. and its subsidiaries.
The affirmation follows news that Australia Pacific LNG Pty Ltd., in which Origin has an effective 37.5% stake, has approved a final investment decision on the second of its two-train coal seam gas to liquefied natural gas project.
S&P also said it revised the outlook to negative from stable.
The agency said it expects Origin's decision to sell down to a longer term stake of 30% to support its financial profile.
Nevertheless, the negative outlook considers that there is a risk of a delay or uncertain conditions regarding the sell-down, S&P said.
A delay could weaken Origin's financial profile as the company meets its funding obligation to Australia Pacific LNG, the agency said.
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