TGS ASA Receives Notable Credit Rating Upgrade
OSLO, Norway – TGS ASA stands out as a notable provider of energy data and intelligence, recently achieving a significant upgrade in its credit rating to ‘BB-‘ by S&P Global. This upgrade comes with a stable outlook and underscores the company's firm financial practices and robust credit standing, particularly following its strategic acquisition of PGS.
Impact of Acquisition on Credit Rating
The credit rating from S&P reflects the positive financial adjustments made after the transformative acquisition of PGS. This strategic move has strengthened TGS ASA's market position, and as a result, S&P has elevated both TGS Newco's (the new identity for PGS ASA) issuer credit rating and its USD 450 million senior secured notes. These ratings shifted three notches from ‘B-‘ to ‘BB-‘ and two notches from ‘B’ to ‘BB-‘, with a stable outlook emphasized in their report.
Previous Rating Developments
Adding to this momentum, S&P's upgrade follows a prior announcement by Moody’s, which upgraded TGS's rating from B2 to Ba3, further highlighting the increasing confidence in TGS ASA's financial health. This series of upgrades showcases an encouraging trend for the company as it consolidates its operations and expands its influence within the energy sector.
Strategic Financial Policies
S&P's evaluation conveys a strong message about TGS ASA’s conservative financial strategies that bolster its operational resilience in an industry characterized by volatility. The company's commitment to maintaining prudent financial policies has significantly contributed to its favorable credit ratings.
Company Insights
TGS ASA specializes in delivering premier data and insights tailored for the energy sector. Utilizing state-of-the-art technology, the company offers a holistic array of insights designed to empower clients in making informed decisions. TGS’s extensive global energy data library positions the company as a reliable partner within the exploration and production landscape of energy resources.
Contact Information
For those seeking further details about TGS ASA's financial performance or operational strategies, inquiries can be directed to:
Bård Stenberg
IR & Communication
Mobile: +47 992 45 235
investor@tgs.com
Frequently Asked Questions
What does the new credit rating imply for TGS ASA?
The 'BB-' rating indicates a stable outlook and reflects the company’s strong financial practices, especially after the acquisition of PGS.
How has the acquisition of PGS impacted TGS ASA?
The acquisition has fortified TGS ASA's market position and contributed to a notable upgrade in credit ratings.
Who should I contact for more information about TGS ASA?
For inquiries, you can reach out to Bård Stenberg via the provided email or mobile number.
What kind of services does TGS ASA provide?
TGS ASA provides advanced data analytics and intelligence solutions tailored for companies in the energy sector.
How often does S&P review the ratings?
S&P reviews credit ratings periodically, assessing the market conditions and financial performance of the company.
