S&P lifts Teine notes to B-

Standard & Poor's said it raised its issue-level rating on Teine Energy Ltd.'s senior unsecured notes due 2022 to B- from CCC+ and revised the recovery rating to 5 from 6.

Teine’s B corporate credit rating and stable outlook are unchanged.

S&P said the upgrade reflects its view that Teine's senior unsecured noteholders could expect modest (10%-30%; lower end of scale) recovery in the simulated default scenario, which corresponds to a 5 recovery rating.

"Having revised our valuation approach for Teine's reserves at the time of our simulated default, we now estimate recovery prospects for senior unsecured debtholders at 10%-30%, albeit at the lower end of the range," S&P credit analyst Michelle Dathorne said in a news release.

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