Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Citgo Petroleum Corp. > News item |
Fitch gives Citgo notes BB
Fitch Ratings said it gave BB/RR1 ratings to Citgo Petroleum Corp.’s planned $1.1 billion of senior secured notes. The agency also affirmed Citgo’s (Opco) issuer default rating to B and Citgo Holding, Inc. (Holdco) at CCC+.
“The affirmation of Opco's rating follows the announced refinancing transaction pursued by the company. The proposed deal envisages Opco's issuance of a new senior secured bond, upstreaming of the bond proceeds to Holdco and early repayment of Holdco's $1.3 billion bond due 2024. Holdco's bond rating will be withdrawn after the notes are repaid. Fitch expects that Opco's midcycle leverage will remain well within the rating guidelines despite the increase in borrowings resulting in a stable outlook,” Fitch said in a press release.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.