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S&P rates Kosmos Energy notes CCC+, loan B
Standard & Poor’s said it assigned its B corporate credit rating to Kosmos Energy Ltd. The outlook is stable.
At the same time, S&P assigned a CCC+ issue rating to Kosmos’ proposed $300 million senior secured notes due 2021. S&P assigned a B issue rating to Kosmos’ $1.5 billion reserve-based loan credit facility.
The company plans to use the proceeds from the proposed offering to repay existing debt on its reserve-based loan.
“The ratings on Kosmos reflect our assessment of the company’s ‘vulnerable’ business risk and ‘aggressive’ financial risk profiles,” said S&P credit analyst Marc Bromberg in a news release.
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