Moody's stabilizes Puma outlook

Moody's Investors Service said it changed Puma Energy Holdings Pte. Ltd.'s outlook to stable from negative.

Concurrently, Moody's affirmed the B1 corporate family rating and the B1-PD probability of default rating of Puma and the B1 rating of the backed senior unsecured notes issued by Puma International Financing SA and guaranteed by Puma due in 2024 and 2026. Puma International Financing’s outlook has also been changed to stable from negative.

The outlook stabilization reflects the €500 million rights issue, subscribed to by Trafigura and a small number of minority investors, received in April 2021 and since then applied towards the repayment of the $500 million term loan maturing this month, Moody’s said.

The rating action recognizes an improvement in Puma’s adjusted leverage by about 1x, pro forma for the rights issue, and a clear improvement in the liquidity profile, as Puma will have limited debt coming due until October 2024, the agency said.

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