Moody's rates Titan Petrochemicals bonds B1

Moody's Investors Service said it assigned a prospective Ba3 senior implied rating to Titan Petrochemicals Group Ltd. At the same time, Moody's assigned a prospective B1 rating to the proposed senior unsecured bonds to be issued by Titan. The outlook is stable.

The proceeds of the proposed bonds will be used to repay some of its existing secured debt, acquire new vessels and finance investment opportunities in China.

Moody's said the rating reflects the near-term positive outlook for the tanker market, the company's position as an integrated oil service provider, the entry to the oil transportation business at relatively low costs, the group's relationship and long experience in the oil trading and supply business in China and adequate cash holdings to mitigate its weak back-up liquidity arrangement.

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