Moody's assigns Baa1 rating to Petrofac notes

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed senior unsecured notes to be issued by Petrofac Ltd.

Petrofac's Baa1 issuer rating and stable outlook remain unchanged following the issuance.

The net proceeds of this offering will be used for general corporate purposes and to reduce the amount currently outstanding under a revolving credit facility. Moody's said it expects the issuance to have no material impact on Petrofac's leverage.

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