Trinidad Petroleum Holdings 'BB' Ratings Affirmed and Off Watch Negative On Lower Liquidity Risks, Outlook Stable

• Trinidad and Tobago-based oil company, Trinidad Petroleum Holdings (TPH), has secured the funds to meet the upcoming principal payment on its $850Mn notes due August 25th and reduced its concentration of maturities for the next 12 months.
• The company raised the funds with a combination of a $570Mn bond exchange due 2026 and a $603Mn bank loan.
• As a result, on June 26, 2019, S&P Global Ratings affirmed its 'BB' ratings on the company. S&P will also be removing the ratings from CreditWatch with negative implications. S&P assigned a stable outlook, due to the new debt structure and it is expected that the company will repay or refinance upcoming financial liabilities.

 (Source: S&P Global Ratings)