Fitch upgrades Kosmos

Fitch Ratings said it upgraded Kosmos Energy Ltd.'s long-term issuer default and senior unsecured notes to B+ from B. The recovery rating is RR4.

The upgrade is driven by the acquisition of incremental interests in Jubilee and TEN fields that will benefit Kosmos' business profile. The agency expects production to increase to more than 80 thousand barrels of oil equivalent per day (kboe/d) by 2023, and result in a strong 1P reserve life of around 12 years.

“Kosmos' financial profile benefits from sufficiently strong internal liquidity, prospects for accelerated deleveraging and strong cash flow generation,” Fitch said in a press release.

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