Fitch affirms MIE

Fitch Ratings said it affirmed MIE Holdings Corp.'s long-term foreign-currency issuer default rating at B with a stable outlook and its $400 million of 9¾% senior notes due 2016 at B with a recovery rating of RR4.

The agency said the ratings reflect the upstream nature of MIE's operations and the consequent exposure to potential oil price volatility.

The ratings also reflect that MIE's proven reserves and production levels are in line with other oil and gas companies rated in the B category, Fitch said.

The acquisition of Emir Oil in September 2011 has expanded MIE's operating scale, and Fitch noted that execution risks associated with the acquisition are decreasing.

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