Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin) > News item |
S&P downgrades Petrotrin
Standard & Poor's said it lowered the long-term corporate credit and senior unsecured ratings on Petroleum Co. of Trinidad and Tobago Ltd. (Petrotrin) to BBB- from BBB.
The outlook is stable.
The downgrades are based on Petrotrin's weaker-than-expected operating performance, which is exposing the company to higher operating costs and would cause tightening cash flow leverage metrics in the next 12 to 18 months, S&P said.
Operational disruptions and several overdue turnarounds in its refinery affected the company's operations during 2013, the agency said.
S&P also said it reflects Petrotrin's limited geographic diversification and asset concentration in refining and oil and gas exploration and production.
© 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.