Fitch assigns B+ to Geo Coal notes

Fitch Ratings said it assigned Geo Coal International Pte. Ltd.'s proposed dollar-denominated senior unsecured guaranteed notes an expected rating of B+(EXP) and a recovery rating of RR4.

Geo Energy Resources Ltd. (B+/stable) and its key subsidiaries will unconditionally and irrevocably guarantee the proposed senior unsecured notes. Geo Coal is a wholly owned subsidiary of Geo.

The notes will rank pari passu with other senior unsecured borrowings of Geo and its subsidiaries.

Fitch said the B+ rating reflects Geo’s small scale of operations, low cost position, minimal off-take and operational risks, comfortable financial profile and liquidity.

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