Fitch pulls Puma Energy from watch

Fitch Ratings said it affirmed the BB- ratings on Puma Energy Holdings Pte. Ltd. and Puma International Financing SA's senior unsecured debt and removed them from rating watch negative. The recovery rating is unchanged at RR4. The outlook is stable.

“The rating action reflects the removal of immediate refinance risk following the repayment of Puma Energy's $500 million term loan B (TLB) and the refinancing of the company's revolving credit facility (RCF),” Fitch said in a press release.

Puma repaid the loan with proceeds from a $500 million rights issue to which parent Trafigura was the major subscriber. Its extended the revolver at a similar level of around $600 million by a wide pool of banks. Puma benefits from two one-year extension options, however, is not included in the liquidity ratio due to its 12-month maturity, Fitch said.

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