Fitch rates Ashmore loans BB

Fitch Ratings said it assigned a BB issuer default rating to Ashmore Energy International and BB ratings to its proposed $1 billion senior term loan and $500 million senior revolver credit facility.

The outlook is stable.

Proceeds will be used to refinance $1 billion of existing senior bridge loan facilities associated with the acquisition of Prisma Energy International in a two-stage transaction that was completed in September.

The agency said the ratings reflect a solid portfolio of energy companies with predictable cash flow and moderate leverage.

The ratings also incorporate the concentration of cash flows by asset and geographically, specifically, in Brazil and in non-investment-grade countries; moderate leverage, with a consolidated debt-to-EBITDA ratio of around 3.7x; and the structural subordination of the bank facility to operating company debt, Fitch 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.