In conjunction with PGS ASA and/or its subsidiaries’ (“PGS”) contemplated bond issue announced (the “Bonds”) PGS is pleased to announce that the international credit rating agencies Moody’s Investors Services (“Moody’s”) and S&P Global Ratings (“S&P”) have published updated information regarding PGS’ credit rating, as well as an instrument rating for the Bonds. Reference is made to the respective releases from the agencies.
Moody’s has assigned a B3 rating to the Bonds and placed PGS ASA’s Caa1 corporate family rating on review for upgrade. Based on the terms of the transaction as proposed, Moody's would likely upgrade PGS' corporate family rating to B3, should the transaction close successfully.
S&P has assigned a preliminary B rating to the Bonds and placed the CCC+ rating on PGS on CreditWatch with positive implications, reflecting the possibility of a one-notch upgrade once the refinancing is completed.