Fitch affirms Afren

Fitch Ratings said it affirmed Afren plc's long-term foreign-currency issuer default rating at B and foreign-currency senior unsecured rating at B with a recovery rating of RR4.

The outlook is negative.

Although the acquisition of the two fields in Kurdistan provides Afren with exposure to the vast and relatively undeveloped reserves in Iraq, it exacerbates the already high execution risk inherent in Afren's operations, Fitch said.

The agency also said it believes that because the Kurdistan fields are currently non-producing, their development also is prone to a certain degree of execution risk.

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