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S&P boosts Geo Energy Resources
S&P said it boosted Geo Energy Resources Ltd.’s issuer rating to B- from CCC and removed the rating from CreditWatch where it was placed with positive implications. In addition, the agency withdrew the issue rating on Geo Resources’ bond since the company its redemption on Oct. 12.
“Our upgrade on GERL reflects the company's minimal debt after the redemption of its bonds outstanding and our expectation that cash flow will improve to support leverage. GERL's bond redemption has removed near-term refinancing risk or the potential for bond repurchases below par,” S&P said in a press release.
The agency said it forecasts GERL will report its adjusted debt-to-EBITDA ratio improving to 0.1x in 2021, compared with 0.5x for the first half of 2021 and 2x in 2020.
The outlook is stable.
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