Fitch rates Afren notes B

Fitch Ratings said it assigned to Afren plc's $450 million notes due 2016 a final foreign-currency senior unsecured rating of B with a recovery rating of RR4.

The final rating is based on the agency's assessment of possible limitations realizing collateral granted for the benefit of noteholders, Fitch said.

The proceeds will be used to repay some of Afren's debt with the remaining balance towards capital expenditures and general working capital, the agency said.

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