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Fitch rates AEI notes BB
Fitch Ratings said it assigned a BB rating to AEI's (formerly Ashmore Energy International) proposed $250 million senior unsecured notes due 2018.
The outlook is stable.
Proceeds are expected to be used for term-out outstanding draws under the senior secured revolver.
Ratings reflect the underlying credit strength and cash flow from AEI's diversified portfolio of energy companies, the agency said.
The rating also incorporates the leveraging impact of the late 2007 acquisition, Fitch said.
For the 12 months ended March 31, pro forma net debt-to-EBITDA ratio was 3.2 times.
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