Moody's cuts Petrotrin to Baa3

Moody's Investors Service said it downgraded Petroleum Co. of Trinidad & Tobago's (Petrotrin) foreign-currency issuer rating, global local-currency rating and foreign-currency senior unsecured notes rating to Baa3 from Baa2.

The outlook is stable.

The downgrade is based on the lowering of Petrotrin's baseline credit assessment, Moody's said. Since Petrotrin is owned by the government of Trinidad & Tobago, its ratings reflect the application of Moody's methodology for government-related issuers, the agency said.

The ratings reflect Petrotrin's the willingness and ability of the government of Trinidad & Tobago to provide credit support to Petrotrin in a distress situation, Moody's added.

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