Fitch gives Afren notes B+

Fitch Ratings said it has assigned Afren plc's $360 million of 6 5/8% senior secured notes due in 2020 a final B+ rating.

Afren's ratings reflect Fitch's expectations of positive cash generation over 2013-16 driven by production expansion and sound profitability, which are balanced by Afren's strong exposure to political risk in Nigeria (BB-/stable) and Iraq.

The agency said it expects the company will successfully implement future production expansion plans in Kurdistan and Nigeria.

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