Solveig Gas Norway AS Ratings update (5388N)

TIDM37XN

RNS Number : 5388N

Solveig Gas Norway AS

24 September 2019

24(th) September 2019

PRESS RELEASE

Today 24(th) September 2019, Moody's Investors Service ("Moody's") issued a press release where Moody's changed the outlook on Solveig's Baa2 ratings to negative from stable; affirms ratings

As stated by Moody's in its report:

"Today's rating action follows the publication by Solveig on 13 September of proposed amendments to its finance documents. If approved, such amendments could result, in Moody's view, in a deterioration of the group's business risk profile and a loosening of credit protections.

Moody's views the proposed amendments related to (1) the definition of Permitted Business; and (2) the requirements around protecting a given rating level; as having the greatest potential adverse impact on Solveig's rating.

Moody's expects that the proposed changes to the documentation will be approved by no later than mid-October given that the voting rights of Solveig's new bank lenders, which provided the acquisition financing facility, exceed the level required (66.67% or 50% depending on the condition) for the amendments to the common terms agreement and the master definition agreement. "

The full report has been published on Solveig Gas Norway's restricted access website.

For further details please contact CEO Trygve Pedersen, telephone +47 900 97741 or CFO Alan McIntyre, telephone +47 907 92072.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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September 25, 2019 02:00 ET (06:00 GMT)

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