Moody's downgrades Kosmos Energy

Moody's Investors Service said it downgraded Kosmos Energy Ltd.'s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and senior unsecured notes to Caa1 from B3. The speculative grade liquidity rating was upgraded to SGL-2 from SGL-3 reflecting good liquidity.

The outlook was revised to negative from rating under review. These actions conclude Moody's review of Kosmos Energy's ratings that started on Oct. 11.

“The downgrade of Kosmos Energy's ratings reflects increased credit risks involving the country of Ghana, where the majority of the company's production resides today,” Moody’s said in a press release.

The outlook considers risks of adverse policy, regulatory or fiscal measures that could be imposed by Ghana while the government executes its debt restructuring plan in the coming months, the agency said.

© 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.