S&P, Fitch give preliminary rating for planned MOL bond issue
Credit rating agencies Standard and Poorʼs Rating Services and Fitch Ratings have both given preliminary ratings on Thursday for the planned issue of euro-denominated bonds by Hungarian oil and gas company MOL.
S&P gave a “BB+” preliminary rating, one notch below Hungaryʼs sovereign credit rating while Fitch Ratings gave a “BBB-”, one step above the sovereign credit rating.
S&P noted that they were assuming new bonds would be issued under the same circumstances as older MOL bonds already on the market.
Standard and Poorʼs expects MOL to refinance €750 million of bonds maturing in 2017 with the new issue.
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