Energy supplier Centrica raises €890m to protect its credit rating
Credit ratings agency Moody’s said the share sale was credit positive, three months after warning the firm that it could be downgraded. It will keep its rating under review until mid-May.
The British Gas owner said it had placed 350m new shares, equivalent to roughly 7% of its issued share capital, at 200p, roughly 4% below market value. The utility said its intention was to raise money to pay off its debt pile, in order to maintain its credit rating, and to finance two acquisitions.
