We are committed to helping credit investors make informed decisions about the company.
We operate a centralised cost centre based Treasury function from our Windsor head office. 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 maintenance of a single A range credit rating is central to this core strategy.
Our financing needs are met through a combination of capital market and bank financings. In capital market terms, we have access to both a Euro Medium Term Note Programme (EMTN) and a US Commercial Paper Programme. 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 is also key to the financial strategy. To view our EMTN prospectus click on the link top right.
Credit investors are important to Centrica. We now have several Sterling bond issues and in December 2008 issued our debut Euro bond, a €750m 5 year issue.
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, the 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.
Tel: +44 (0) 1753 494165
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 September 2009||Moody’s||S&P||Fitch|
|Lead analyst||Helen Francis||Mark Davidson||–|
|+44 (0)20 7772 5522||+44 (0)20 7176 6306||–|
|Centrica plc||A3 / P-2 (s)||A- / A-2 (s)||A / F1 (s)|
|British Gas Trading Limited||NR||A- / A-2 (s)||NR|
|Currency||Maturity||Notional Principal||Coupon (%)||Issue Date||Download|
|GBP||2012||284,499,000||5.875%||£400m 02 Nov 2001, £115.5m cancelled 06 Dec 2010||Bond due maturity in 2012 (GBP) PDF (0.14Mb)|
|JPY||2013||3,000,000,000||1.045%||27 Feb 2003||Bond due maturity in 2013 (JPY) DOC (0.06Mb)|
|EUR||2013||366,563,000||7.125%||€750m 09 Dec 2008, €353.4m cancelled 06 Dec 2010, €30m cancelled 23 Dec 2010||Bond due maturity in 2013 (Euro) PDF (0.14Mb)|
|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
|Bond due maturity in 2014 (GBP) PDF (4.58Mb)|
|USD||2014||100,000,000||Floating Rate Note||04 Nov 2009||Bond due maturity in 2014 (USD) PDF (0.11Mb)|
|USD||2015||70,000,000||Floating Rate Note||31 Mar 2010||Bond due maturity in 2015 (USD) PDF (0.12Mb)|
|GBP||2016||300,000,000||5.500%||24 Oct 2006||Bond due maturity in 2016 (GBP) PDF (2.85Mb)|
|GBP||2018||400,000,000||7.000%||£300m 19 Sep 2008, £100m 29 Jan 2009||Bond due maturity in 2018 (GBP) PDF (0.39Mb)|
|GBP||2022||500,000,000||6.375%||£400m 10 Mar 2009, £40m 12 Mar 2010, £60m 15 Mar 2010||Bond due maturity in 2022 (GBP) PDF (4.21Mb)|
|HKD||2022||450,000,000||3.68%||22 Feb 2012||Bond due maturity in 2022 (HKD) PDF (0.03Mb)|
|GBP||2026||200,000,000||6.400%||£150m 04 Sep 2006, £50m 24 Mar 2010||Bond due maturity in 2026 (GBP) PDF (2.50Mb)|
|USD||2027||70,000,000||5.900%||16 Apr 2010||Bond due maturity in 2027 (USD) PDF (1.01Mb)|
|GBP||2029||750,000,000||4.375%||13 March 2012||Bond due maturity in 2029 (GBP) PDF (0.17Mb)|
|EUR||2032||50,000,000||Zero Coupon (4.2% Accrual Yield)||05 Jan 2012||Bond due maturity in 2032 (EUR) 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||Bond due maturity in 2033 (GBP) PDF (0.39Mb)|
|GBP||2044||500,000,000||4.250%||12 Sept 2012||Bond due maturity in 2044 (GBP)PDF (0.16Mb)|
* Notes denominated in a foreign currency are converted into Sterling at rates at the time of issue
+44 (0)1753 494 165