S&P affirms Ashmore Energy, rates notes B

Standard & Poor's said it affirmed its B+ corporate credit rating on Ashmore Energy International and assigned its B rating and 5 recovery rating to the company's $250 million senior unsecured notes due 2018.

The one-notch differential reflects the junior claim of the senior unsecured debt with respect to secured debt at the company, S&P said.

The company will use proceeds from the issuance to pay down outstanding revolver draws, the agency added, noting that it also revised the outlook to positive from stable.

In addition, S&P said it raised the senior secured rating to BB from B+ and changed the recovery rating to 1 from 3.

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