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Fitch cuts QGOG Atlantic notes to CCC
Fitch Ratings said it downgraded QGOG Atlantic/Alaskan Rigs Ltd.’s series 2011-1 senior secured notes due 2019 to CCC from B.
The negative outlook was removed.
The notes are backed by the flows related to the charter agreements signed with Petroleo Brasileiro (Petrobras) for the use of the moored semi-submersibles Atlantic Star and Alaskan Star. Queiroz Galvao Oleo e Gas SA (QGOG) is the operator of the vessels and QGOG Constellation SA is the primary sponsor of the transaction.
Fitch said the action follows the recent downgrade of QGOG Constellation, the sponsor of the transaction, and operator of the rig.
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