Centrica’s sale of its 50% interest in a wind farm off the coast of Lincolnshire was “credit positive”, according to Moody’s.
The credit rating company, which listed Centrica as Baa1 stable on Friday, said the proceeds would contribute to Centrica’s ongoing debt-reduction efforts.
Centrica is selling its stake in the Lincs wind farm for £487million and will receive net proceeds of £220million.
Moody’s said Centrica’s net debt as of June 30, 2016, was £5.8billion, down from £6.4billion in December 2015.
Moody’s also said the sale marked an important step in Centrica’s efforts to return the company to its traditional core of energy supply and services.
In July 2015, the company said it would exit wind generation, and in February 2016 sold its wind farms at Lynn and Inner Dowsing and at Glens of Foudland.