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Fitch ups Citgo, rates loan, notes B+
Fitch Ratings said it upgraded the long-term issuer default rating of Citgo Holding, Inc. to CCC+ from CCC, upgraded the ratings of all senior secured debt to B+/RR1 from B/RR1, and assigned a B+/RR1 expected rating to the new secured notes and term loan.
Proceeds from the new secured notes and term loan will be used to pay off the company's existing 10¾% 2020 notes.
Fitch also affirmed the long-term issuer default rating of Citgo Petroleum Corp. at B, and affirmed the BB/RR1 ratings for its secured notes and term loan.
“The main drivers for today's actions are the company's successful expected refinancing of its $1.875 billion 2020 holdco maturity, which addresses near-term refinancing issues at holdco, and also helps reduce contagion risk for Citgo through favorable revisions to change in control indenture language,” the agency said in a news release.
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