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Fitch Lowers Energean's Rating on Weak Operational Performance

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Fitch Ratings on Tuesday lowered its long-term issuer default rating on Energean (ENOG.L) to B+ from BB-, with a stable outlook.

The rating downgrade is attributed to the hydrocarbon exploration and production company's weaker-than-expected operational performance and lower projected run-rate production due to disruptions amid heightened tensions between Israel and other Middle Eastern countries.

Fitch also noted that the company would need to ramp up its gas exports from Israel to deleverage, though the execution is subject to geographical and security risks.

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