S&P rates Tullow notes BB-, view to negative

Standard & Poor's said it revised Tullow Oil plc's outlook to negative from stable.

S&P also said it assigned a BB- rating to Tullow's proposed issuance of $500 million unsecured notes due 2022.

The agency also said it affirmed the company's BB long-term corporate credit rating, along with the BB- rating on Tullow's existing $650 million unsecured notes due 2020 and the BB issue ratings on its senior secured $3.5 billion reserves-based lending facility and $500 million revolving credit facility.

The outlook revision reflects a view that Tullow may not restore its credit metrics to levels considered more comfortably commensurate with the ratings, S&P said.

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