Moody's assigns Raghsa notes Caa2

Moody's Investors Service said it assigned a Caa2 foreign currency rating to Raghsa SA's proposed senior unsecured notes of up to $78.9 million due 2027.

Proceeds will be used primarily for a tender offer for Raghsa's 2021 and 2024 notes.

“Raghsa's purpose for the proposed debt exchange offer is to extend the maturity of its outstanding financial debt and will not receive any cash proceeds from the issuance of the proposed notes; therefore, its indebtedness will not increase,” said Moody’s in a press release.

The outlook is negative.

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