Moody’s sees rating Tengizchevroil notes Baa2

Moody’s Investors Service said it expects to rates Tengizchevroil Finance Co. International Ltd.’s planned $1.25 billion of senior secured bonds Baa2.

The offering is expected to include 2025 and 2030 maturities.

Proceeds will go to Tengizchevroil LLP.

Moody’s affirmed the Baa2 rating of Tengizchevroil’s $1 billion of senior secured bonds.

The affirmation means the added debt is not expected to hurt Tengizchevroil’s credit profile significantly and that operational performance remains strong despite challenges associated with coronavirus, Moody’s said.

The outlook is stable.

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