Moody's gives Pan American credit line Ba1

Moody's Investors Service said it assigned a Ba1 global local-currency rating and Aaa.ar national scale rating to Pan American Energy LLC, Argentine Branch's (PAE) bank credit line with Banco de la Nación Argentina for up to $150 million. The credit line is uncommitted and will rank pari passu with the company's other senior unsecured debt.

The outlook is stable.

The ratings are supported by its substantial and growing reserve and production profile, low cost structure and conservative financial leverage metrics, Moody's said.

The company has a strong market position in Argentina and has demonstrated consistently sound financial and operating performance relative to its peers, with a track record of maintaining low financial leverage while growing production at competitive costs, the agency 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.