San Antonio InternacionalThe Internacional San Antonio
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Research: Evaluation Action: Moody's issues a B3 credit line for the unsecured bond recommended by San Antonio Internacional.
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They accept to review the more details of Moody's credit rating information and the Moody's disclaimers contained in the information. NYC, June 10, 2011 -- Moody's Investors Service has awarded San Antonio Internacional Ltd. a B3 Corporate Family rating. Moody's has also issued a B3 credit facility for the US$500 million US Sen. unissued note securities suggested by the Group.
Ratings are expected to remain steady. Revenue from the offer will be used to repay various bonds, which include up to $40 million of the SAI credit line, the San Antonio Oil & Gas (SAOG) credit line, the Brazilian Real credit line, the Colombian USD credit line and up to $40 million from the SAI credit line.
The SAI will also swap USD 53 million of its debt under the SAI credit facility for a corresponding preferential amount for new preferred shares of the SAI. Allocations are based on the assumption that these operations are proceeding as anticipated and are reviewed for definitive documentation and condition. B3 Corporate Family Rating mirrors SAI's long operational experience, scope and strength in the Latin American oilfield and acquisition business, supplemented by the moderate level of diversity of its oil field service business and the short-term sales visibilty of the company's order-book.
It also takes into account the SAI's supporting sponsorship of GP Investments, Ltd. B3 Corporate Family Ratings are limited by the company's high levels of corporate finance leveraging, the dependence of the majority of revenues and operating Cash Flow on cycle wells, the relatively lower margin levels in comparison to our worldwide competitors, the focus in Argentina, where the Argentine authorities have shown a high degree of intervention in the power industry, and the relatively high levels of insourcing.
Assessments also mirror the dependence of SAIs' income and distributions on policy risks and instabilities, particularly in Argentina. Furthermore, the credit rating takes into account the downgrade and the fact that flows of debt servicing dividend from the operational entities to the SAI are exposed to a significant exchange rate conversion and credit spread risks at the holdings as shown by the Argentinian B3 credit line for bonds denominated in other currencies.
In 2011, we anticipate that the SAI's debt-to-equity ratio will increase as a result of the second half of the year, but with some implementation risks. B3 ratings for the underlying uncollateralised bonds will be the same as for the B3 Corporate Family Ratings. The SAI's plan to successfully implement debt/EBITDA reduction (below 4.0x) and margin improvement in the short run could have a beneficial effect on the credit ratings or outlooks.
Our solid prospects and credit rating could be under adverse pressures if the Group faces a significant operational or cash flow deficiency, as well as covenants, or its financial underpinnings. San Antonio's main evaluation method was the Global Oilfield Services Industry Evaluation method, released in December 2009.
A syndicate of GP Investments, Ltd. purchased the business from Pride International, Inc. in August 2007. The SAI concluded a renegotiated recovery plan in August 2010 due to the failure of its CRF. The following information is used to establish the rating: party to the bond, disclosures to the general creditors, Moody's Investors Service sensitive and proprietary information, and Moody's Analytics sensitive and proprietary information.
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