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S&P upgrades Afren bonds
Standard & Poor's said it raised its long-term corporate credit rating on Afren plc to B from B-. The outlook is stable.
At the same time, the agency said it raised the issue rating on Afren's senior secured $500 million bond to B from B-.
S&P said the one-notch upgrade reflects the successful start-up and ramp-up of Afren's key Ebok oil field in 2011, and its forecast of further and sustained production gains. The agency said this should lead to much higher EBITDA and stronger operating cash flows.
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