9th Jun 2022 21:19
Tullow Oil PLC - London-based oil and gas exploration company - Wins an outlook upgrade from Moody's. Outlook rises to positive from stable. Moody's also affirms the company's B3 long-term corporate family rating, its B3-PD probability of default rating and the B2 rating of its USD1.7 billion backed senior secured notes due 2026. Also affirms the Caa2 rating of the USD800 million back senior unsecured notes due 2025.
Decision follows Tullow's proposed all-share merger with oil and gas exploration company Capricorn Energy PLC. Moody's expects the merger to enlarge Tullow's scale and add diversification to the company's business profile.
Current stock price: 55.61 pence
12-month change: down 5.0%
By Heather Rydings; [email protected]
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