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Fitch puts Puma Energy on watch
Fitch Ratings said it placed Puma Energy Holdings Pte. Ltd.'s long-term issuer default rating and Puma International Financing SA's senior unsecured notes, all BB-, on rating watch negative.
“The RWN reflects increased refinancing risk and weaker liquidity position, but the prospect of shareholder support has prevented an immediate downgrade. This follows a pulled bond issue in September 2020 to refinance a $550 million term loan due in May 2021,” Fitch said in a press release.
“Puma Energy cannot repay upcoming debt maturities from available cash and committed undrawn facilities as demonstrated by its one-year liquidity ratio below 1x. Fitch expects management to continue delivering on its deleveraging strategy through asset disposals and cost discipline,” the agency said.
Fitch said it also believes Puma Energy can return to the capital markets or use shareholder support through committed and uncommitted facilities to refinance its upcoming maturities.
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