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Fitch Assigns Rating, Stable Outlook on Vår Energi

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Fitch on Thursday assigned a long-term issuer default rating of BBB to Vår Energi (VAR.OL), with a stable outlook.

The rating reflects the strategic incentives from the Norwegian upstream oil and gas company's majority shareholder, Italy's Eni (ENI.MI), to support the business and the size of its production and reserves, as well as its significant income tax payments, moderate production costs, and manageable leverage.

Meanwhile, the outlook is based on the rating agency's expectation that Vår will keep its funds from operations net leverage at an average of 2.4x through 2030 and that production will remain well above 300,000 barrels of oil equivalent per day.

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