S&P boosts Petrotrin

Standard & Poor's said it raised its long-term corporate credit rating on the Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin) to BBB+ from BBB-.

The outlook is stable.

S&P noted that the rating action reflects its opinion that during the past couple of years Petrotrin has moved closer to a public-policy-based institution that plays a central role in supporting the nation's political and economic objectives and thus merits a credit standing more closely associated with its government.

The rating action also reflects our perception of significant government support from the Republic of Trinidad & Tobago (LC: A+/stable/A-1, FC: A-/stable/A-2) toward Petrotrin and the continued support by the Republic to its state-owned entities, the agency said.

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