Moody's assigns Heritage, notes Ba3

Moody's Investors Service assigned first-time Ba3 corporate family rating to Heritage Petroleum Co. Ltd. and to its planned up to $700 million of guaranteed secured notes due 2033.

“The Ba3 ratings on Heritage and its proposed notes are based on the company's small oil and gas production and asset base; adequate reserve life; credit metrics commensurate with an oil and gas company with a Ba3-B1 credit profile; and developing corporate governance,” Moody’s said in a press release.

The agency said the Ba3 rating also considers the expectation of support from government of the Republic of Trinidad and Tobago and the absence of material debt at its parent Trinidad Petroleum Holdings Ltd.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.