Fitch rates Vivo bond BB+

Fitch Ratings said it assigned Vivo Energy Investments BV’s prospective $350 million bond an expected senior unsecured rating of BB+. Fitch also affirmed Vivo Energy plc’s long-term issuer default rating at BB+ with a stable outlook.

“The bond, whose final amount is to be confirmed, is to be guaranteed by Vivo Energy and Vivo Energy Holding BV. The bond ranks pari passu with Vivo Energy Investments BV’s unsecured $300 million revolving credit facility (RCF), which shares the same guarantors. In line with Fitch’s criteria, prior-ranking debt at the operating companies’ level is below 2x-2.5x EBITDA and thus not sufficiently material to affect the bond rating,” Fitch said in a press release.

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