Solveig Gas Norway AS Ratings update (5388N)
September 25 2019 - 2:00AM
UK Regulatory
TIDM37XN
RNS Number : 5388N
Solveig Gas Norway AS
24 September 2019
24(th) September 2019
PRESS RELEASE
Today 24(th) September 2019, Moody's Investors Service
("Moody's") issued a press release where Moody's changed the
outlook on Solveig's Baa2 ratings to negative from stable; affirms
ratings
As stated by Moody's in its report:
"Today's rating action follows the publication by Solveig on 13
September of proposed amendments to its finance documents. If
approved, such amendments could result, in Moody's view, in a
deterioration of the group's business risk profile and a loosening
of credit protections.
Moody's views the proposed amendments related to (1) the
definition of Permitted Business; and (2) the requirements around
protecting a given rating level; as having the greatest potential
adverse impact on Solveig's rating.
Moody's expects that the proposed changes to the documentation
will be approved by no later than mid-October given that the voting
rights of Solveig's new bank lenders, which provided the
acquisition financing facility, exceed the level required (66.67%
or 50% depending on the condition) for the amendments to the common
terms agreement and the master definition agreement. "
The full report has been published on Solveig Gas Norway's
restricted access website.
For further details please contact CEO Trygve Pedersen,
telephone +47 900 97741 or CFO Alan McIntyre, telephone +47 907
92072.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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