S&P gives BB+ to Vivo Energy

S&P said it assigned its BB+ long-term issuer credit rating to Africa-focused Vivo Energy plc. The outlook is positive.

At the same time S&P withdrew its preliminary issue ratings on the group's proposed up to $400 million unsecured notes and $400 million committed unsecured revolving credit facility because Vivo Energy did not issue the notes or implement the proposed capital structure.

“The rating reflects our view of the Vivo Energy Group's sound operating performance during 2018, in line with our base case, including a 3% increase in fuel volumes sold. This is despite some supply constraints in Kenya, Uganda, and the Ivory Coast in the first nine months of 2018, and a slightly reduced EBITDA margin due to a lower margin for the Moroccan business,” S&P said in a news release.

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