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S&P lifts ContourGlobal, rates new notes BB
S&P said it raised a corporate credit rating on ContourGlobal LP to BB- from B+.
The outlook is stable.
The agency also said it also raised the rating on subsidiary ContourGlobal Power Holdings SA to BB- from B+.
S&P also said it upgraded the rating on ContourGlobal's existing $500 million senior secured notes due 2019 to BB from BB-.
The recovery rating on the debt remains unchanged at 2, which indicates 70% to 90% expected default.
The agency also said it assigned a preliminary BB rating to the planned €550 million senior secured notes due 2021 to be issued by ContourGlobal Power. The recovery rating on this issuance also is 2.
The company is looking to refinance existing dollar-denominated debt with new euro-denominated debt, the agency said.
This is somewhat opportunistic as rates in Europe are currently very attractive, S&P said.
The new issuance also will better match the currency of distributions and will extend the debt maturity from three to five years, S&P added.
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