APA Group (ASX:APA) welcomes the announcement by S&P Global Ratings (S&P) that it has affirmed APA’s BBB (stable) long-term credit rating and, recognising APA’s stable and predictable cash flows, has modified APA’s BBB rating downside FFO/Debt¹ threshold from 9.5% to 8.5%.

The threshold modification increases APA’s debt capacity to fund growth from its existing balance sheet by more than $1 billion.

CEO and Managing Director, Adam Watson, said:

“We have strong momentum in the delivery of our growth strategy and remain focussed on efficient and prudent capital allocation to capture value from the most attractive long-term opportunities for APA securityholders. This ratings modification will provide further funding support for our attractive growth projects.”

¹ Funds from Operations to Net Debt.