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Moody's rates Anton notes Ba2
Moody's Investors Service said it assigned a definitive Ba2 rating to Anton Oilfield Services Group's $250 million 7½% senior notes due 2018. The company has a Ba2 corporate family rating, and the outlook is stable.
The proceeds will be used to fund the company's capital expenditures and general working capital needs.
The agency said Anton Oil's Ba2 corporate family rating reflects its leading position in the domestic oil services sector in China, which benefits from strong growth in natural gas production; its diversified revenue base, which is in turn supported by its integrated business model, and the company's competitive edge in technologies.
On the other hand, Anton Oil's Ba2 ratings are constrained by its relatively small revenue base, Moody's said. The agency expects the company's debt leverage to be 3 times to 3.5 times in the next 12 to 18 months.
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