Tristan Oil outlook cut to negative from stable - Moody's |
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Published
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Thu, 24 May 2007 07:45
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has changed its outlook on all ratings of Tristan Oil Ltd to 'negative' from 'stable' citing heightened financial risks as a result of raising proposed additional 120 mln usd funding to accelerate exploration.The B2 corporate family rating and B2 rating assigned to Tristan's 300 mln usd senior secured notes were also affirmed by Moody's.At the same time, the rating agency assigned a B2 rating to the company's newly proposed additional 120 mln usd senior secured notes which has been consolidated into the existing 300 mln usd senior secured notes issue.Moody's added that oil production rates remain constrained around 2006 levels until further approvals are granted during 2007. It also said that capital expenditures are expected to rise in 2007 in order to pursue the exploration of further wells to boost future cash flows from the company's two main fields.TFN.newsdesk@thomson.comnpr/npr/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Correction: Centex ratings story 