S&P shifts PCR view to stable

S&P said it revised Petroquimica Comodoro Rivadavia SA’s outlook to stable from negative, affirmed its CCC+ ratings and raised its stand-alone credit profile to b- from ccc+.

“The stronger SACP reflects our view of PCR's improved cash position, which rose to $98 million as of June 2021 from $82 million in March 2021,” S&P said in a press release.

The agency noted that PCR's adjusted EBITDA climbed to $110 million in the first half of 2021 from $62 million in the same period last year.

“We previously expected adjusted EBITDA of $150 million - $160 million and margin of 45% in 2021. But we now forecast adjusted EBITDA of $190 million - $200 million and margin of 55% in 2021. The rise in our forecast mainly stems from its oil and gas business unit, with Brent crude oil prices about 30% above our previous estimates,” S&P said.

© 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.