Moody's assigns first-time ratings to Hibiscus; outlook stable

In a filing with Bursa Malaysia, Hibiscus said the condition precedent formed part of the approvals required in respect to the conditional sale and purchase agreement entered into by the group with Repsol for the proposed acquisition of the entire equity interest in Repsol’s subsidiary Fortuna International Petroleum Corp.

KUALA LUMPUR: Moody's Investors Service has assigned a provisional (P)B1 corporate family rating (CFR) to Hibiscus Petroleum Bhd, which is the first time by ratings agency. The outlook is stable.

The rating agency said on Monday it also assigned a provisional (P)B1 rating to the proposed US$-denominated senior secured bonds to be issued by its unit Hibiscus Capital Ltd.