S&P changes Tullow Oil view

S&P said it revised the outlook on Tullow Oil plc to positive from stable and affirmed the B long-term corporate credit rating.

The agency also affirmed the B rating on Tullow's senior secured debt and the B- rating on its senior unsecured debt.

The company recently refinanced its reserve-based lending facility, creating a comfortable debt maturity profile, against the backdrop of a still-challenging oil price environment, S&P said.

In addition, the agency revised upward its base-case forecast for Tullow for 2017 and 2018, following the company's higher production guidance for 2017 and a change in S&P’s working assumption for Brent oil to $55 per barrel in 2018 from $50 per barrel.

© 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.