Fitch ends watch on Vivo Energy

Fitch Ratings said it removed all its Vivo Energy Ltd. ratings from rating watch negative, affirmed its BBB- ratings on the issuer and its senior unsecured bonds issued through subsidiary Vivo Energy Investments BV and assigned a stable outlook.

“The rating action reflects our expectation that the material acquisition of Engen (74%), still subject to completion pending regulatory approvals, would not lead to an increase in leverage, following more clarity around its funding with limited debt due to equity injection from Vivo Energy's shareholders. The acquisition would slightly improve Vivo Energy's business profile as it would increase the scale and widen geographic diversification of the business,” Fitch said in a press release.

The deal is expected to be completed in the fourth quarter of 2023.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.