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S&P upgrades Cores
S&P said it raised its long-term issuer credit rating on Corporacion de Reservas Estratégicas de Productos Petrolíferos (Cores) to A- from BBB+.
The agency also affirmed the A-2 short-term issuer credit rating and assigned a positive outlook to Cores.
S&P said the upgrade reflects similar action on Spain on March 23.
“In accordance with our criteria for rating government-related entities (GREs), we believe that there is an almost certain likelihood that Cores would receive timely and sufficient extraordinary support from the Spanish government in the event of financial distress,” the agency said in a news release.
“We therefore equalize our long-term issuer credit ratings on Cores with those on Spain.”
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