Moody's gives Wintershall Dea Baa2

Moody's Ratings said it assigned a Baa2 long-term issuer rating to Wintershall Dea Global Holding GmbH (WDGH).

The Baa2 long-term issuer rating and the Baa2 senior unsecured bank credit facility of Wintershall Dea AG (WDAG or Wintershall Dea), the Baa2 backed senior unsecured notes issued by Wintershall Dea Finance BV and the Ba1 backed subordinate notes issued by Wintershall Dea Finance 2 BV are unchanged. The outlook assigned on WDGH is stable.

WDAG created WDGH to bundle WDAG's upstream assets outside of Russia, which will be transferred to Harbour Energy plc (Harbour).

“Therefore, directly prior to closing, WDGH together with its subsidiaries including all upstream assets in the transaction parameter and Wintershall Dea Finance BV as well as Wintershall Dea Finance 2 BV (together the financing BVs) will be spun off from WDAG. Until closing, outstanding debt issued by the financing BVs will benefit from a guarantee issued by WDAG,” Moody’s explained in a press release.

After the closing, Harbour will guarantee the debt issued by the financing B.V.s. With release of its results on March 7, Harbour stressed the acquisition is on track to close during the fourth quarter of 2024.

© 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.