Pareto High Yield Daily-06/19/2026

研报英文原文证据摘录

Pareto High Yield Daily-06/19/2026

Pareto High Yield Daily

19 JUN 2026

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Sector Credit Research Kosmos Energy – Rating upgrade from Moody’s

Key numbers

• Moody’s upgraded Kosmos Energy (issuer) to Caa1 (from Caa2) and senior 6 day change Last 1D 1M 6M 12M

unsecured bonds to Caa2 (from Caa3), with the outlook changed to positive OsloOMXSPIBørs Benchmark 11 927,4093,8 -1,30,2 %% -6,3-0,4 %% 16,16,0 %% 17,217,7 %%

from negative, driven by expectations of positive FCF in 2026. The positive OSX 91,0 -2,8 % -14,1 % 23,7 % 48,2 %

outlook reflects the expectation that the company will continue improving its Oil price 80,4 0,7 % -27,7 % 33,0 % 2,0 %

debt maturity profile and leverage iTraxx 5Y (generic) 249,7 0 bps -13 bps 2 bps -20 bps

• The upgrade follows strengthened balance sheet in H1 2026, including an NIBOR 3m 4,54 0 bps -1 bps 47 bps -6 bps

equity raise of USD ~200m and sale of the Equatorial Guinea assets for initial NIBOR 3Y swap 4,81 4 bps -21 bps 72 bps 87 bps

cash proceeds of USD 127m, with proceeds earmarked for repayment of the NIBOR 5Y swap 4,58 4 bps -22 bps 50 bps 66 bps

RBL STIBOR 3m 2,01 -1 bps 0 bps 16 bps -16 bps

• Moody’s comments that an upgrade of Kosmos’ ratings will require successful STIBORSTIBOR 3Y5Y swapswap 2,472,60 33 bpsbps -18-21 bpsbps -29 bpsbps 3533 bpsbps

refinancing of its 2028 notes to address the potential springing maturity of its

US SOFR 3,63 -6 bps 8 bps -6 bps -68 bps

RBL, further debt reduction to reach a sustainable capital structure, and US SOFR 3Y swap 3,99 -2 bps 0 bps 67 bps 37 bps

sustained positive free cash flow generation. We view this scenario as likely, US SOFR 5Y swap 3,95 -2 bps -9 bps 53 bps 32 bps

underpinned by the company’s proactive approach to deleveraging during H1 EURIBOR 3m 2,42 1 bps 19 bps 37 bps 39 bps