Nigeria: Fitch downgrades Seven Energy over liquidity fears
Issue 330
- 16 Sep 2016
| 1 minute read
Fitch Ratings on 7 September downgraded oil and gas infrastructure company Seven Energy International’s issuer default rating to CC from B-, and cut the secured rating of Seven Energy Finance’s 10.25% $300m secured notes due 2021 to C from CCC. Fitch said the downgrade reflected “a re-assessment of the significant ongoing liquidity, security and execution risks that Seven Energy continues to face. While the company is making progress in its negotiations with lenders to defer repayments under the $377m Accugas IV facility, which if and when completed should improve its short-term liquidity, liquidity over the medium-term is likely to remain very tight and will remain largely determined by external developments.”
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