Citgo Petroleum Corp. is planning to
raise $2.5 billion and transfer the funds to its cash-strapped corporate
parent, state-owned Petroleos de Venezuela SA, according to a person with
knowledge of the matter. The U.S. oil refining and marketing unit of PDVSA is
seeking to sell $1.5 billion of bonds and obtain a $1 billion loan, according
to the person, who asked not to be identified because the information is
private. While Citgo’s debt ratings were cut to six levels below investment
grade by Moody’s Investors Service last week on concern Venezuela will default,
it’s still three steps higher than the government’s rating. More…
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