Fitch ups Citgo, cuts outlook

Fitch Ratings said it upgraded the issuer default ratings for Citgo Petroleum Corp. to BB- from B+ and affirmed the company's other secured ratings at BB+.

The outlook was revised to stable from positive.

The agency said the upgrade reflects the company's improved financial performance.

The agency said the upgrade also reflects the positive impact of recent reductions in balance sheet debt, the strong covenant protections in the senior indenture and Fitch's expectation that Citgo will continue to enjoy a period of positive free cash flow over the next several quarters.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.