Moody’s boosts Teine

Moody's Investors Service said it upgraded Teine Energy Ltd.'s corporate family rating to B1 from B2, the probability of default rating to B1-PD from B2-PD and affirmed the B3 rating on the senior unsecured notes. The outlook was changed to stable from positive.

"The upgrade reflects Teine's consistent operational track record and Moody's expectation for steady production growth and the maintenance of adequate liquidity," said Whitney Leavens, a Moody's analyst, in a press release.

Moody's said it did not upgrade the notes because the company recently upsized its revolver, increasing the subordination of the notes.

The agency noted it expects Teine to sustain solid credit metrics with adequate liquidity throughout the year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.