Bord Gáis, ESB ratings upgraded

Credit ratings agency Moody’s has upgraded Bord Gáis and the ESB, giving both a stable outlook.

They have been upgraded from a credit rating of ‘Baa2’ to ‘Baa1’, with the moves following Moody’s recent upgrading of Ireland’s overall credit rating.

In the case of Bord Gáis, which recently sold its energy retail arm, Moody’s said its rationale was based on the company no longer being constrained by Ireland’s government bond rating. The “negative factors weighing on Bord Gáis Eireann’s credit profile have reduced”, the agency said.