Moody’s changes Topaz Energy view

Moody's Investors Service said it affirmed the B2 corporate family rating and the B2-PD probability of default rating of Topaz Energy and Marine Ltd.

The agency also affirmed the B3 instrument rating on Topaz Marine SA’s $375 million senior unsecured notes.

The outlook was changed to stable from negative.

"The affirmation of Topaz's ratings reflects the achievement of key milestones during the first half of 2018, including the successful delivery and deployment of a number of vessels for the Tengiz project,” Thomas Le Guay, Moody's lead analyst for Topaz, said in a news release.

“The stable outlook balances Moody's view that day rates in the offshore supply vessels (OSV) market will stay near historical lows until at least 2019, while Topaz will benefit from the ramp up of the Tengiz project in the second half of 2018."

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