S&P gives Petrotrin notes BBB+

Standard & Poor's said it assigned it BBB+ long-term senior unsecured credit rating to the Petroleum Co. of Trinidad & Tobago Ltd.'s (Petrotrin, BBB+/stable) proposed $750 million notes due 2022.

The agency said that the proposed notes will finance a large portion of the $800 million estimated cost for the Gasoline Optimization Project.

"The ratings assigned to Petrotrin reflect our 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," said S&P credit analyst Jose Coballasi.

The ratings also reflect the agency's 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.

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