S&P rates MOL Hungarian bonds BBB-

S&P said it assigned its BBB- issue rating to MOL Hungarian Oil and Gas plc’s planned 10-year 1.9% fixed-rated senior unsecured bonds. The issue is expected to be for 35.5 billion Hungarian forints with an amortizing repayment scheduled.

“The issue rating on the proposed bonds is at the same level as the issuer credit rating on MOL because we do not view subordination risk as material, given the small amount of secured debt in the capital structure,” S&P said in a press release.

Proceeds are expected to be used for general corporate purposes and business activities.

The outlook is stable.

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