Fitch affirms Puma Energy

Fitch Ratings said it affirmed Puma Energy Holdings Pte. Ltd.'s long-term issuer default ratings and Puma International Financing SA's senior unsecured notes at BB.

The outlook is stable.

The agency said the ratings continue to reflect Puma Energy's high leverage as well as its diversified, vertically integrated midstream and downstream oil distribution model, with leading market shares in a number of countries and a focus on high-growth markets.

While the group's business profile remains supportive of the current ratings, Puma Energy's funds from operations readily marketable inventories lease-adjusted net leverage was weaker than expected in 2017 at 4.2x, driven primarily by material working capital outflows in 2017 that was only partly offset by an expected reduction in capex, Fitch noted.

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