Fitch raises Seplat

Fitch Ratings said it raised the ratings on Seplat Energy plc and its $650 million of senior notes due 2026 to B from B-. The notes’ recovery rating remains RR4.

“The upgrade reflects improved financial flexibility and a strong liquidity profile following debt refinancing in 2021, which in our view will help Seplat survive for more than two years of force majeure without access to the Trans Forcados Pipeline (TFP). Amukpe-Escravos Pipeline (AEP), an alternative oil export route, has been completed and is undergoing commissioning, according to Seplat, but there is no certainty around when it will ship its first oil,” Fitch said in a press release.

The outlook is stable.

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