Moody's assigns a Ba3 rating to Trinidad Holdings and its proposed notes and term loan

• Moody's Investors Service (Moody's) assigned a Ba3 Corporate Family Rating (CFR) and a b2 Baseline Credit Assessment (BCA) to Trinidad Petroleum Holdings Limited (Trinidad Holdings).
• Simultaneously, Moody's assigned a Ba3 rating to Trinidad Holding's proposed up to $425 million in guaranteed senior secured notes and a Ba3 rating to the company's proposed senior secured term loan.
• Both the proposed notes and term loan will be guaranteed by Heritage Petroleum Company Limited (Heritage) and other smaller subsidiaries of Trinidad Holdings.
• Proceeds from the transactions will be used primarily to repay Petroleum Co. of Trinidad & Tobago (Petrotrin)'s 2019 and 2022 senior notes. The outlook on the ratings is stable. This is the first time that Moody's assigns ratings to Trinidad Holdings.

(Source: Moody’s Investor Service)