S&P rates Ashmore Energy loan B+

Standard & Poor's said it assigned its B+ secured debt rating and 3 recovery rating to Ashmore Energy International's $105 million synthetic revolving credit facility due in 2012.

At the same time, S&P said it affirmed its B+ corporate credit rating on Ashmore Energy, its B+ senior secured debt rating and 3 recovery rating on its $395 million revolving credit facility due 2012, which was reduced from $500 million and its B+ senior secured debt rating and 3 recovery rating on the company's $1 billion term loan due in 2014.

The outlook is stable.

According to S&P, Ashmore Energy will use the proceeds from the term loan to refinance its original debt from when it acquired its assets from Enron Corp., provide for working-capital purposes and other general corporate purposes.

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