Fitch affirms Petroquimica Comodoro

Fitch Ratings said it affirmed Petroquimica Comodoro Rivadavia SA's long-term foreign and local currency issuer default ratings at B.

The outlook is negative.

The agency said the ratings are constrained by Argentina's country ceiling of B, which limits the foreign currency rating of most Argentine corporates.

“PCR's ratings reflect the issuer's small oil and gas production size and reserve concentration, small cement business concentrated in the Patagonia region of Argentina and exposure to the Argentine electricity industry's regulatory risk, which is has improved but remains high,” Fitch said in a news release.

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