Fitch gives MIE notes B

Fitch Ratings said it has assigned MIE Holdings Corp.'s (B/stable) $200 million of senior unsecured notes a final rating of B with a recovery rating of RR4.

The agency said that MIE's ratings reflect the upstream nature of its operations and the consequent exposure to potential oil price volatility as well as its limited, albeit expanding, operating scale.

The company's proven reserves and production levels are in line with its peers in the B category, the agency added.

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