S&P assigns TNK-BP eurobond BB+

Standard & Poor's said it assigned its BB+ long-term senior unsecured debt rating to a proposed eurobond to be issued by TNK-BP Finance SA and guaranteed by TNK-BP International Ltd. (BB+/stable/B) under the group's increased $8 billion EMTN debt issuance program.

In light of the expected absence of material secured debt and given the centralization of bank and capital market financing at the offshore TNK-BP Finance funding vehicle, S&P said it equalizes the rating on TNK-BP's unsecured debt with the issuer credit rating.

The agency noted that the debt program does not provide adequate negative pledge provisions, which would limit the amount of secured and trade finance debt the group or any of its operating subsidiaries would be able to raise in the future.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.