AGL Energy Limited (AGL) advises that its long-term credit rating has today been restored to BBB Outlook Stable by Standard & Poor’s Rating Services (S&P).
This follows the successful completion of a $650 million subordinated note issue and $900 million equity raising to fund the acquisition of the 67.5% of Great Energy Alliance Corporation Pty Ltd (GEAC) not currently owned by AGL, to allow partial repayment of existing GEAC bank loans, and for general corporate purposes. GEAC is the owner of the Loy Yang A power station and adjacent coal mine.
S & P has indicated that, in its view, AGL has 'prudently financed' the acquisition of GEAC
AGL is one of Australia's leading integrated energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on over 170 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.