S&P: Oleoducto up to stable

Standard & Poor's said it affirmed its BBB long-term rating on Oleoducto de Crudos Pesados and its wholly owned subsidiary Oleoducto de Crudos Pesados Ecuador SA's $900 million senior bank loan.

At the same time, S&P revised the outlook to stable from negative.

S&P said the rating action reflects the current creditworthiness of the project's sponsors.

The rating reflects that, substantially, the operating and sovereign risks have been assumed by the sponsors through performance-guarantee agreements, projected debt-service coverage ratios based on the sponsors' ship-or-pay performance guarantees are strong and the importance of the project to the sponsors.

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