S&P affirms Petrotrin

Standard & Poor's said it affirmed the BBB corporate credit rating on Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin), along with its BBB senior unsecured rating.

The outlook remains stable.

The ratings reflect the very high likelihood that the Republic of Trinidad and Tobago would provide timely and sufficient extraordinary support to Petrotrin in the event of financial distress, S&P said.

The ratings also incorporate Trinidad and Tobago's position as a leading producer of refined products and the only significant producer of crude oil among Caribbean nations, the agency said.

The company's ability to supply small mixed-cargo deliveries to customers in the Caribbean market also supports the ratings.

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