Fitch gives Pacific Rubiales, notes BB-

Fitch Ratings said it has assigned foreign and local currency issuer default ratings of BB- to Pacific Rubiales Energy Corp., as well as a BB- long-term rating to the company's proposed $400 million of senior unsecured notes issuance due 2016.

The outlook is stable.

The ratings are supported by the company's Leadership position as the largest independent oil and gas player in Colombia and strong management with recognized expertise in heavy oil exploration and production, the agency said.

Fitch added that the ratings also reflect its strong liquidity and adequate leverage, which is tempered by the company's small scale of production and reserve profile as well as its concentration in the Rubiales-Piriri and La Creciente fields.

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