Moody's rates OGX, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating to OGX Petroleo e Gas Participacoes SA, along with a B1 rating to the company's proposed $2 billion senior unsecured notes.

The proceeds will be used primarily to fund the company's production and development campaign and for general corporate purposes.

The outlook is stable.

The ratings reflect the company's large, world scale resource base, which provides excellent reserves and production growth potential, Moody's said.

But the company remains pre-operational with high staging and execution risk, the agency said.

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