Moody’s pumps up Puma Energy

Moody's Investors Service said it upgraded Puma Energy Holdings Pte. Ltd.'s family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD. Concurrently, Moody's raised the rating of the backed senior unsecured notes due 2024 and 2026 issued by Puma International Financing SA and guaranteed by Puma to Ba3 from B1.

"The upgrade reflects Puma Energy's progress on improving credit metrics through debt reduction and solid operating performance in recent quarters. Moody's expects the company to continue to build on this track record and maintain metrics in line with a Ba3 rating," said Tobias Wagner, a Moody's vice president, senior credit officer and lead analyst for Puma Energy, in a press release.

The agency noted Puma shaved its Moody's-adjusted debt falling to around $1.8 billion by year-end 2023 from $2.6 billion at year-end 2022 and $3.2 billion at year-end 2021.

The outlook remains stable.

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