Moody’s lifts Puma notes to Ba2

Moody's Investors Service said it affirmed Puma Energy Holdings Pte. Ltd.’s corporate family rating at Ba2 and probability of default rating at Ba2-PD.

Concurrently, the agency upgraded the rating on the senior unsecured notes due 2021 to Ba2 from Ba3.

The notes are issued by Puma International Financing SA and are guaranteed by Puma Energy, Puma Energy Group Pte. Ltd. and Puma Corporation Sarl.

The outlook on all ratings remains stable.

Moody’s said the upgrade of the senior notes reflects the shift of the funding strategy of the group toward HoldCo debt as evidenced by the reduction in OpCo debt versus HoldCo debt to 17% in June 2016 from 75% in December 2013 and reduction of secured debt versus total debt to 5% in June 2016 from 65% in December 2013. This reduces the amount of priority debt at various operating subsidiaries of the group, effectively ranking the bondholders pari passu with debt at the OpCo level, the agency added.

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