Moody's alters Kosmos view to stable

Moody's Investors Service said it changed Kosmos Energy Ltd.'s outlook to stable from positive and affirmed its B2 corporate family rating, its B2-PD probability of default rating and the B3 rating on its senior unsecured notes.

Most of Kosmos Energy’s production and cash flow are concentrated in Ghana and the outlook revision was triggered by the recent downgrade of Ghana’s sovereign ratings, the agency said.

"Kosmos Energy's stable outlook balances its inherent credit strength with Ghana's heightened sovereign risk," said Sajjad Alam, a Moody's vice president, in a press release.

"Kosmos will have a 38.3% interest in the Jubilee field and a 19.8% interest in the TEN field (assuming partners' pre-emption rights are exercised), representing roughly 55% of the company's projected 2022 production. These Ghana fields are operated by Tullow Oil plc (B3 stable), which has even greater production concentration in Ghana," Alam added.

© 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.