S&P lifts Pacific Rubiales

Standard & Poor's said it raised the corporate credit rating on Pacific Rubiales Energy Corp. to BB- from B+ and its $450 million senior unsecured notes due 2016 to BB-.

The outlook is stable.

"The upgrade is based on the company's improved financial performance because of a strong growth in its production," S&P analyst Fabiola Ortiz said in a statement.

Ratings reflect the company'sweak business profile given its short track record, a growth strategy requiring significant investments and concentration in heavy oil, the agency said.

Strong growth in production and reserves, an experienced management team and a significant financial profile support the rating, the agency noted.

The company's debt-to-EBITDA ratio was 1.3x for the 12 months ended June 30.

© 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.