Fitch rates Tower Bersama bond AA+

Fitch Ratings said it assigned PT Tower Bersama Infrastructure Tbk.'s bond issuance of up to Rp 2.5 trillion an AA+(idn) national long-term rating. The bonds will be the sixth phase of issuance from the company's Rp 15 trillion bond program.

“The issuance is rated at the same level as TBI's national long-term rating because the notes represent its senior unsecured obligations,” Fitch said in a press release.

TBI will use the proceeds to refinance its subsidiary’s debt.

The outlook is stable.

Moody's trims Tunisia

Moody's Investors Service said it downgraded the government of Tunisia's long-term foreign-currency and local-currency issuer ratings to Caa2 from Caa1 and changed the outlook to negative.

This concludes the review for downgrade started on Sept. 30, the agency said.

Moody's lowered the Central Bank of Tunisia's senior unsecured debt ratings and senior unsecured shelf rating to Caa2 and (P)Caa2 from Caa1 and (P)Caa1, respectively, and changed the outlook to negative. These ratings were also previously on review for downgrade.

“The downgrade is driven by Moody's assessment that the absence of comprehensive financing to date to meet the government's large funding needs raises default risks to a point no longer commensurate with a Caa1 rating. A new IMF program has yet to be secured, despite reaching staff-level agreement in October 2022, aggravating an already challenging funding position and compounding the pressures on Tunisia's foreign-exchange reserve adequacy. Very tight domestic and external funding conditions and the Tunisian government's challenging debt-service profile elevate refinancing risks, the agency said in a statement.

The weak outlook reflects the view that, without an improvement in external financing prospects, the potential for default may climb beyond what is consistent with a Caa2 rating, Moody’s said.

S&P pumps up Petro Rio

S&P said it raised its ratings for Petro Rio SA’s senior secured notes to BB from BB- with a 2 recovery rating. It also raised the national scale issue rating on the company's debentures to brAA+ from brAA with a 3 recovery rating. The agency also upgraded Petro Rio’s global scale issuer rating to BB- from B+ and on the national scale rating to brAA+ from brAA.

“Petro Rio is significantly increasing its scale and portfolio diversification with the acquisition of Albacora Leste. In terms of production, the field currently produces 32,000 barrels of oil per day (bbl/d), of which 27,200 bbl relates to Petro Rio's 90% working interest in the field. We forecast Albacora Leste's daily production to expand to about 45,000 bbl/d in 2024 due to investments to improve the field's productivity. With the integration of the new asset, we expect Petro Rio's total production to be 75,000 bbl/d in 2023 and above 110,000 bbl/d in 2024,” S&P said in a press release.

S&P said it forecasts Petro Rio will post net revenue of between $2 billion and $2.5 billion and EBITDA of $1.5 billion to $1.9 billion in 2023, compared to its previous forecast of $1.7 billion and $1.2 billion,

The outlook is stable.

Fitch cuts Erste Jelzalogbank bond view to negative

Fitch Ratings said it revised the outlook on Erste Jelzalogbank Zrt.’s mortgage covered bonds (jelzaloglevel) to negative from stable.

“The rating action follows the revision of the outlook on Erste Bank Hungary Zrt.'s (EBH; BBB+/negative) long-term issuer default rating (IDR), which acts as reference IDR for the covered bond program, to negative (see Fitch 'Fitch Revises 4 Hungarian Banks' Outlooks to Negative; Affirm IDRs', dated Jan. 26, 2023 at www.fitchratings.com),” the agency said in a statement.

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