S&P rates Petrobras Argentina notes B-

S&P said it assigned a B- debt rating to Petrobras Argentina SA's proposed senior unsecured notes for up to $500 million.

The proceeds will be used to repurchase its $300 million senior unsecured notes originally due May 2017, the agency said.

Petroleo Brasileiro SA guarantees this bond, S&P said.

The tender offer is considered opportunistic with proposed prices to repurchase the securities at more than par values, the agency explained.

The cancellation of the series S is part of the requirements to complete the sale of Petrobras Argentina to Pampa Energia. This deal was announced in May, S&P said.

The agency said it will assess Petrobras Argentina’s credit metrics once and if the transaction is completed.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.