S&P puts Trinidad Petroleum on developing watch

S&P said it placed its ratings for Trinidad Petroleum Holdings Ltd., including the B+ issue-level rating on its 9¾% senior secured notes due 2026, and the B rating on its 6% senior unsecured senior notes due 2022 on CreditWatch with developing implications.

The placement follows the company reporting plans to refinance about TT$6.8 billion of its total debt through its operating subsidiary Heritage Petroleum Co. Ltd. under a planned senior secured bond and a new term loan, the agency said.

Heritage will refinance most of the debt of its holding company through a bond for up to $700 million and a new term loan of about $380 million.

“We expect to resolve the CreditWatch placement when we have sufficient additional information on the company's liquidity position and capital structure post-transaction,” S&P said in a press release.

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