Moody's rates Zhaikmunai

Moody's Investors Service said it assigned a provisional B2 rating to the proposed approximately $500 million of loan participation notes to be issued by Zhaikmunai International BV and jointly and severally guaranteed on a senior basis by its indirect 100% parent, Zhaikmunai LP and all of its subsidiaries.

The outlook is stable.

The notes will be the issuer's and the guarantors' senior obligations and will rank equally with all of the issuer's and the guarantors' other senior indebtedness.

The agency said the assigned rating on the notes is in line with Zhaikmunai's issuer rating. Moody's notes that the untendered existing notes and new notes will comprise all of the company's debt. The noteholders will benefit from certain restrictive covenants, including a negative pledge and restrictions on mergers and disposals.

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