S&P gives Tengizchevroil bonds BBB

S&P said it assigned BBB ratings to Tengizchevroil LLP’s proposed offering of bonds in two tranches.

“The BBB ratings on the proposed bonds reflect TCO’s full and unconditional guarantee of the instrument. The bonds will rank pari passu with the rest of TCO’s debt, roughly three-quarters of which is provided by Chevron and ExxonMobil,” S&P said in a press release.

The agency also affirmed the company’s BBB issuer rating.

The outlook is negative.

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