S&P rates Kosmos notes B+

S&P said it assigned its B+ issue-level and 2 recovery ratings to Kosmos Energy Ltd.'s $400 million senior unsecured debt offering. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 75%) recovery of principal in default.

The rating is consistent with S&P’s ratings on its other senior unsecured notes.

Kosmos is expected to use the proceeds to fund a portion of its $550 million acquisition of additional working interests in producing fields offshore Ghana from Occidental Petroleum.

The outlook is positive.

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