Fitch rates Seven and Seven notes AA-sf

Fitch Ratings said it assigned an AA-sf rating to the $125.25 million floating-rate guaranteed notes due September 2019 issued by Seven and Seven Ltd.

The outlook is stable.

Proceeds will be used to fund a portion of a loan made to a group of 18 borrowers under a loan agreement with Scorpio Tankers, Inc., as guarantor of the loan, the issuer, the Export-Import Bank of Korea (Kexim; issuer default rating AA-/stable/F1+), and certain other financial institutions.

The loan is used to fund a portion of the purchase price of 18 shipping vessels. The borrowers will make regular payments under the loan agreement according to a predefined schedule. Loan payments will in part be used to meet the scheduled interest and principal due under the notes.

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