Moody’s pares Puma notes

Moody’s Investors Service said it downgraded Puma Energy Holdings Pte. Ltd.’s probability of default rating to B1-PD from Ba3-PD and Puma International Financing SA’s senior unsecured notes to B1 from Ba3. The agency also affirmed the company’s B1 corporate family rating.

“The downgrade of the probability of default to B1-PD and of the senior unsecured notes to B1 from Ba3-PD and Ba3, respectively reflect the increased probability of default of the company's rated debt, given the reduced cushion provided by the shareholder loan in a more levered capital structure. Accordingly, Moody's has aligned the notes' ratings with the CFR and applied a 50% recovery rate, as it is customary in a capital structure with bank and bond debt,” the agency said in a press release.

The outlook remains negative.

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