S&P trims Gran Tierra Energy notes

S&P said it lowered Gran Tierra Energy Inc.'s senior unsecured notes to B- from B and removed the rating from CreditWatch. It was placed on CreditWatch with negative implications on Sept. 19.

The agency said it also affirmed the B issue-level rating on Gran Tierra Energy's 9½% senior secured amortizing notes due 2029.

“These actions stem from the company's successful refinancing of its unsecured debt, where it improved its amortization schedule without pressuring its liquidity position or leverage metrics. On Oct. 20, 2023, Gran Tierra Energy (GTE) issued $487.6 million in 9½% senior secured notes amortizing from 2026 through 2029; the issuance of the new secured notes was for refinancing purposes, as expected. Therefore, we do not see changes to GTE's financial risk profile,” S&P said in a statement.

The outlook is positive.

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