Moody’s lowers Kosmos Energy

Moody’s Investors Service said it downgraded Kosmos Energy Ltd.’s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured notes to Caa1 from B2. The agency downgraded the speculative grade liquidity rating to SGL-3 from SGL-2. Moody’s also changed the outlook to negative from positive.

"Sharply lower commodity prices will challenge Kosmos Energy’ profitability and financial flexibility keeping leverage high and delaying its growth initiatives," said Sajjad Alam, a Moody’s senior analyst, in a press release. "The negative actions reflect Moody’s expectation of low and volatile crude oil prices, weaker cash flow generation and the risks of further degradation in credit metrics due to weak industry and capital market conditions."

© 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.