Fitch places Kosmos on watch

Fitch Ratings said it placed Kosmos Energy Ltd.'s long-term issuer default rating of B and B senior unsecured rating for its $650 million of 7 1/8% notes due 2026 on rating watch negative.

“The RWN follows the indefinite postponement of Kosmos' previous plan to fund Mauritania & Senegal capex commitments via farm-downs, in favor of an assortment of off-market financing options to be executed through 2022. While we view some of its options, such as the pending floating production, storage, and offloading (FPSO) unit sale & leaseback, as achievable, the less-defined nature of the funding pipeline and significant funding needs in 2022 and beyond present significant execution risk and are a key credit constraint for Kosmos,” Fitch said in a press release.

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