Moody's changes Puma Energy view to negative

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

Moody's also affirmed the Ba2 ratings assigned to the senior unsecured notes issued by Puma International Financing SA and guaranteed by Puma Energy.

Concurrently, Moody's said it changed the outlook on all ratings to negative from stable.

“The revision of the rating outlook to negative from stable largely reflects the uncertainty that is weighing on Puma Energy's operating performance in the near term, particularly in Angola (B3 stable) where the group generated around 20% of its gross profit in 2017,” Moody’s said in a news release.

“Moody's believes that Puma is likely to post a year-on-year decline in reported EBITDA of more than 20% in 2018, which would lead to an increase in financial leverage with Moody's adjusted total debt to EBITDA rising above 5x at year-end against 4.6x in 2017.”

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