S&P affirms Petrobras Energia

Standard & Poor's said it removed its B foreign currency rating on Petrobras Energia SA (PESA) from CreditWatch with negative implications, where it was placed on Oct. 3, following recent developments that partially clarify the company's operating situation in Venezuela.

The rating is affirmed and the outlook is stable.

S&P noted that the rating had been placed on CreditWatch after the government of Venezuela announced several measures that affected the company's operations in that country and thus had the potential to affect its financial profile.

However, PESA recently announced that it has entered into several memorandums of understanding with the Venezuelan Government through Petroleos de Venezuela SA (B+/Watch developing) and Corporación Venezolana del Petroleo SA in order to migrate the current operating agreements of the Oritupano Leona, La Concepción, Acema, and Mata areas to partially state-owned companies, the agency added.

© 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.