Fitch trims Puma Energy

Fitch Ratings said it downgraded Puma Energy Holdings Pte Ltd.’s rating to BB- from BB.

“The downgrade reflects the protracted weakening in Puma Energy's credit profile with higher cash flow volatility than previously assumed, and profitability being rebased below historical levels. We now forecast funds from operations (FFO) readily marketable inventory (RMI)-adjusted net leverage above or at our 4x sensitivity for a negative rating action,” said Fitch in a press release.

The outlook is stable.

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