Singapore – 29 November 2023 – Puma Energy Holdings Pte. Ltd has today received a corporate family rating upgrade from Moody’s Investors Service to Ba3 from B1 and its probability of default rating (PDR) has changed to Ba3-PD from B1-PD. At the same time, Moody’s also upgraded the rating of the backed senior unsecured notes due 2024 and 2026 issued by Puma International Financing S.A. and guaranteed by Puma to Ba3 from B1.
Moody’s also concluded the outlook for these ratings is stable reflecting an expectation that Puma Energy will be able to build on its recent track record and maintain metrics commensurate with a Ba3 rating going forward.
Tobias Wagner, a Moody’s Vice President – Senior Credit Officer and lead analyst for Puma Energy, said: “The upgrade reflects Puma Energy’s progress on improving credit metrics through debt reduction and solid operating performance in recent quarters. Moody’s expects the company to continue to build on this track record and maintain metrics in line with a Ba3 rating.”
Carlos Pons, Puma Energy’s Chief Financial Officer said: “We are delighted to receive an upgrade from Moody’s, which follows a change in outlook from Fitch Ratings to positive from stable in April. This upgrade reflects our determination to reduce debt and improve our debt maturity profile as well as our strong operational performance delivered through a sustained focus on our core downstream business.”
“In 2023 Puma Energy’s capital structure has improved significantly through the repayment of USD 378 million of senior notes due in 2024 and the expected repayment of the remaining USD 154 million of 2024 Senior Notes in December 2023.”
“In October a USD 358 million shareholder loan was also converted into equity. Puma Energy’s performance has been strong in 2023, whereupon on a constant perimeter basis the Company’s Gross Profit and EBITDA have improved steadily quarter-on-quarter”.
-ENDS-
For further information about the rating please refer to the Moody’s Investor Services please see here.
About Puma Energy
Puma Energy is a leading global energy business, safely providing energy across six continents. Our downstream business segments include fuels, aviation, lubricants and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
Cautionary Statement
This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction where distribution would be unlawful.
Forward-looking statements
Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.