LONDON: S&P Global Ratings (S&P) has upgraded the ContourGlobal PLC (CG) issuer credit rating to ‘BB’ from ‘BB-‘, its subsidiary ContourGlobal Power Holdings (CGPH) to ‘BB’ from ‘BB-‘, and the CGPH senior secured debt to ‘BB+’ from ‘BB’. The Rating Outlook is Stable.
According to S&P, the upgrade to ‘BB’ from ‘BB-‘ reflects CG’s stable earnings, strong operating results, increasing scale, and continuous geographical diversification. The credit profile also benefits from CG’s position as a resilient player in the current volatile market environment, and S&P’s expectation that CG’s business fundamentals will continue to improve through growth and financial discipline.
Stefan Schellinger, Chief Financial Officer, said “ContourGlobal’s rating upgrade highlights the resilience of our business model and stability of our contracted cashflows even in a time of global uncertainty. The rating also reflects our robust growth plans and significant financial flexibility.”