S&P revises Kosmos Energy recovery to 4

S&P said it affirmed its B issue-level rating on Kosmos Energy Ltd.'s senior unsecured notes and revised the recovery rating to 4 from 3. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 40%) recovery of principal to creditors in the event of a payment default.

“The recovery rating reflects an updated year-end 2023 PV10 value of proved reserves under our recovery price assumptions, the increase in the company’s outstanding debt following the issuance of $400 million convertible senior notes due 2030 (not rated) in March 2024, as well as the changes to its RBL commitments and RCF facility, S&P said in a news release.

The B issuer credit rating and stable outlook on the company remain unchanged.

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