S&P Global Ratings upgrades its ratings for CG

For immediate release

28 May 2020

ContourGlobal plc

S&P Global Ratings upgrades its ratings for ContourGlobal PLC

S&P Global Ratings (S&P) announced yesterday that it 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."

Enquiries

Investor Relations - ContourGlobal

John Smelt

+44 203 62690 47

[email protected] 

[email protected]

Media - Brunswick

Charles Pretzlik/Simon Maine

Tel: +44 (0) 207 404 5959

[email protected]

About ContourGlobal

ContourGlobal is listed on the premium segment of the London Stock Exchange (TKR: GLO). ContourGlobal is an international owner and operator of contracted wholesale power generation businesses with approximately 4.8 GW in operation in 18 countries. ContourGlobal operates a portfolio of 107 thermal and renewable power plants across Europe, Latin America, and Africa utilizing a wide range of technologies.