Moody’s gives Citgo notes, loan Caa1

Moody’s Investors Service said it assigned a Caa1, LGD4 rating to Citgo Holding, Inc.'s proposed up to $1.37 billion in senior secured notes due 2024 and up to $500 million in proposed senior secured term loan B due 2023.

Proceeds from the transactions will be used to refinance $1.87 billion in senior secured notes due 2020.

The outlook is stable.

“Citgo Holding's Caa1 ratings and stable outlook primarily reflect the location of the company's assets in the United States and certain protections to lenders provided by the company's credit agreements,” the agency said in a news release.

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