S&P assigns Vena notes BBB-

S&P said it assigned its BBB- long-term issue rating to the senior unsecured notes that Vena Energy Capital Pte. Ltd. plans to issue.

The notes will be issued under the company's $1 billion guaranteed euro medium-term note program, which the agency rates BBB-.

“The rating on the proposed notes reflects the long-term issuer credit rating on Vena Energy Capital. Vena Energy Capital is a special-purpose vehicle incorporated in Singapore for issuing notes under its MTN program on behalf of its three guarantors, namely Vena Energy Holdings, Vena Energy (Taiwan) Holdings, and Zenith Japan Holdings (as trustee for Zenith Japan Holdings Trust),” S&P said in a press release.

Vena Energy Capital intends to use the proceeds for general corporate purposes, including refinancing of debt, as well as to meet working capital and capital expenditure requirements for the group.

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