S&P hikes AFE

S&P said it raised its ratings on AFE SA and its senior secured notes to CCC+ from SD, Selective Default, and D, respectively.

“Amid still-high financial leverage and elevated uncertainty over its business prospects, AFE has materially improved its debt maturity profile and strengthened its liquidity thanks to the effective restructuring and recapitalization of its senior secured notes, alongside the completed acquisition by funds managed by AGG Capital Management Ltd.,” S&P said in a press release.

However, “Improved liquidity and an enhanced capital structure still leave questions on management's ability to restore AFE to a sustainable business model,” the agency added.

The outlook is stable.

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