S&P gives Transneft notes BBB+

Standard & Poor's said it assigned its BBB+ long-term debt rating to TransCapitalInvest Ltd.'s proposed senior unsecured note issue, the sole purpose of which is to finance a loan to OAO AK Transneft (BBB+/stable).

S&P added that the amount and terms of the issue will be determined at placement and Transneft will use the funds to finance its investment projects and for general corporate purposes, including to refinance existing debt.

The rating on the notes is the same as the corporate credit rating on Transneft because the noteholders will essentially face Transneft's credit risk and the company doesn't have substantial secured debt, the agency said.

© 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.