...Limited Rating Headroom: Fitch Ratings expects the cash flow of Hong Kong-based oil producer MIE Holdings Corporation to shrink significantly in 2015 due to falling output and low oil prices. Its financial metrics will weaken sharply as a result, though the current ratings and Outlook assume a production ramp-up from 2016. The rating will come under pressure if the completion of a central processing facility in Kazakhstan is further delayed beyond the planned 1H16, its unit Sino Gas & Energy Ltd (SGE) fails to boost output, or if liquidity tightens. Event Risks Increased: Fitch views MIE's recent indenture amendments for its 2018 and 2019 notes as providing MIE with more flexibility to incur debt and create liens, as well as to engage in acquisitions and disposals, which could result in considerable changes in the company's credit profile. Fitch considers any acquisition or disposal as event risk, and would evaluate the impact of any transaction on MIE's credit profile and its senior unsecured...
