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Credit investors

We are committed to helping credit investors make informed decisions about the company.

Financing strategy

Centrica’s Treasury department exists to ensure that the Group’s financing needs are met, to maintain the Group’s liquidity position and credit rating agency relationships, and to manage key financial risks such as interest rate and foreign exchange risk. The function prioritises reduction of risk in these areas. The financial strategy is designed to be prudent, consistent with the overall business strategy and flexible to respond to sudden unexpected changes in the economic environment.

Our debt needs are met through a combination of capital market and bank financings. In the capital markets we have a $10bn Euro Medium Term Note Programme (EMTN) under which a number of benchmark sized sterling bonds, one Euro bond and some smaller private placements have been issued. Since 2013, we have $1.35bn of US 144a bonds outstanding, and we also utilise a $2bn US Commercial Paper Programme. To view our latest EMTN prospectus or the offering circular for our 144a bond, click on the appropriate link on the right. Bank finance is primarily sourced from a large group of relationship banks that also provide a significant level of committed back up lines. The combination of these facilities provides the prudence and flexibility which are key to the financial strategy.

Credit investors are important to Centrica. We see the sterling and US markets as being central to the Group’s financing.

We do understand that our debt holders would appreciate a point of contact on developments that could influence credit analysis. Please take this opportunity to contact Katherine Horrell, Group Treasurer, if you have any specific query. Katherine would also appreciate any feedback on how we can best keep you informed in the future.

Katherine Horrell
Group Treasurer


Senior unsecured: long/short term ratings

Centrica’s treasury team maintains frequent contact with Moody’s Investor Service (Moody’s) and Standard and Poor’s (S&P) to ensure that the agencies are kept informed of significant developments in the Group.

Senior members of Centrica’s management team also meet with these agencies formally, usually at least once in each financial year, to discuss strategic plans and the anticipated performance of the Group.

As at 1 January 2014 Moody’s S&P Fitch
Lead analyst Helen Francis Mark Davidson
  +44 (0)20 7772 5422 +44 (0)20 7176 6306
Centrica plc A3 / P-2 (s) A- / A-2 (s) A- / F2 (s)
British Gas Trading Limited NR A- / -- (s) NR


  • (n) negative outlook
  • (s) stable
  • NR not rated
Currency Maturity Notional Principal Coupon (%) Issue Date Download
GBP 2014 314,891,000 5.125% £250m 10 Mar 2009,
£50m 24 Mar 2009,
£50m 17 Apr 2009, £35.1m cancelled 06 Dec 2010
PDF (4.58Mb)
USD 2014 100,000,000 Floating Rate Note 04 Nov 2009 PDF (0.11Mb)
USD 2015 70,000,000 Floating Rate Note 31 Mar 2010 PDF (0.12Mb)
GBP 2016 300,000,000 5.500% 24 Oct 2006 PDF (2.85Mb)
GBP 2018 400,000,000 7.000% 300m 19 Sep 2008, 100m 29 Jan 2009 PDF (0.39Mb)
USD 2020 80,000,000 Floating Rate Note 25 Sept 2013 PDF (0.15Mb)
GBP 2022 500,000,000 6.375% 400m 10 Mar 2009, 40m 12 Mar 2010, 60m 15 Mar 2010 PDF (4.21Mb)
HKD 2022 450,000,000 3.68% 22 Feb 2012 PDF (0.03Mb)
USD 2023 750,000,000 4.000% 11 Oct 2013 PDF (6.50Mb)
GBP 2026 200,000,000 6.400% 150m 04 Sep 2006, 50m 24 Mar 2010 PDF (2.50Mb)
USD 2027 70,000,000 5.900% 16 Apr 2010 PDF (1.01Mb)
GBP 2029 750,000,000 4.375% 13 March 2012 PDF (0.17Mb)
EUR 2032 50,000,000 Zero Coupon (4.2% Accrual Yield) 05 Jan 2012 PDF (0.17Mb)
GBP 2033 770,000,000 7.000% 450m 19 Sep 2008, 150m 20 Feb 2009, 70m 01 Apr 2009, 100m 08 Jun 2009 PDF (0.39Mb)
USD 2043 600,000,000 5.375% 11 Oct 2013 PDF (6.50Mb)
GBP 2044 550,000,000 4.250% £500m 12 Sept 2012
£50m 5 Sept 2013
PDF (0.22Mb)

Issuance under Centrica EMTN Programme

Bar chart showing notional prices in £ millions from 2013 to 2045

* Notes denominated in a foreign currency are converted into Sterling at rates at the time of issue