Fitch Ratings has downgraded Nigeria-based Seven Energy International Limited’s Issuer Default Rating (IDR) to ‘CC’ from ‘B-‘.
Seven Energy Finance Limited’s 10.25 percent 300 million dollar secured notes due in 2021 has also been downgraded to ‘C’ from ‘CCC’.
The IDR downgrade reflects the ratings agency re-assessment of the significant ongoing liquidity, security and execution risks that Seven Energy continues to face.
The company said that it has taken serious hits from the shutdowns of forcados and Qua Iboe terminals but they hope the force majeure declared by shell in February will be lifted before the end of this quarter.
The energy firm complained it did not lift any oil from its OMLs under strategic alliance agreement between seven energy and the Nigerian petroleum development company.
