...October 23, 2023 MEXICO CITY (S&P Global Ratings) Oct. 23, 2023--S&P Global Ratings today lowered its issue rating on Gran Tierra Energy Inc.'s senior unsecured notes to 'B-' from 'B' and removed the rating from CreditWatch. (It had been placed on CreditWatch with negative implications on Sept. 19, 2023.) We also affirmed our 'B' issue-level rating on Gran Tierra Energy's 9.5% senior secured amortizing notes due 2029. These actions stem from the company's successful refinancing of its unsecured debt, where it improved its amortization schedule without pressuring its liquidity position or leverage metrics. On Oct. 20, 2023, Gran Tierra Energy (GTE) issued $487.6 million in 9.5% senior secured notes amortizing from 2026 through 2029; the issuance of the new secured notes was for refinancing purposes, as expected. Therefore, we do not see changes to GTE's financial risk profile. (For the complete rationale behind our issuer credit rating on GTE, see "Research Update: Gran Tierra Energy Inc....
