Fitch upgrades ESB rating to A-

Ratings agency Fitch has upgraded ESB’s senior unsecured rating from BBB+ to A- following a similar upgrade of Ireland’s credit ratings last week.

In an announcement yesterday, Fitch said that the company’s stronger-than-expected cash flows in 2013 allied with a cost reduction programme contributed to an improved outlook for the company.

“Cash flows for 2013 have been stronger than our expectations as a result of efficiencies achieved through ESB’s cost control programme, capex reductions, and improved performance in the generation and supply business divisions,” a statement from the ratings agency said.