GCR extends the indicative rating accorded to Forte Oil Plc’s proposed Series 1 Bonds

28 Sep 2016 In Market Alerts

GCR extends the indicative rating accorded to Forte Oil Plc’s proposed Series 1 Bonds

Lagos, 28 September 2016 - Global Credit Ratings has extended the validity of the national scale indicative rating of A-(NG) assigned to Forte Oil Plc’s (“Forte”) proposed Series 1 Bonds, to December 2016.

The indicative Bond rating was accorded in June 2016 and granted an initial 3-month validity period. Forte’s management has requested an extension to the validity of the indicative Bond rating to enable it conclude the regulatory approval processes involved in the transaction.

 
NATIONAL SCALE RATINGS HISTORY

Initial rating (June 2016)
Issuer long term: A-(NG); Issuer short term: A1-(NG)
Outlook: Stable

Indicative bond rating (June 2016)
Series 1 Bond long term: A-(NG); Outlook: Stable;


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Primary Analyst
Adekemi Adebambo
Senior Analyst
Lagos
+23 41 462 2545
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Committee Chairperson

Dave King
Chairman
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