10.02.2015 20:47:00
|
CITGO Holding, Inc. -- Citgo Holding's Caa1 ratings not changed from proposed transaction upsize
New York, February 10, 2015 -- Citgo Holding, Inc's Caa1 corporate family rating and the Caa1, LGD4 rating assigned on January 22 to its proposed secured Term Loan B and secured notes are not affected by the new Term Loan B amount, which would be upsized to USD 1.3 billion from USD 1 billion. The amount for the USD 1.5 billion in secured notes remain unchanged. Proceeds of the transactions will be mostly used to pay dividends to PDVSA (Caa3 stable). The outlook on the ratings also continues to be stable.