Moody's: OGX Austria notes B1

Moody's Investors Service said it assigned a B1 rating to OGX Austria GmbH's proposed $1 billion senior unsecured notes due 2022.

At the same time, Moody's affirmed OGX's B1 corporate family rating with a stable outlook.

"While OGX's rating outlook remains stable, flexibility within the B1 rating has been diminished by higher debt levels and moderate project delays and cost increases," Moody's vice president and senior analyst Gretchen French said in a news release.

"However, with first oil now online, the company is no longer pre-operational, increased production diversity is expected in 2012 and a supportive oil price environment should benefit operating cash flows," French added in the release.

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