Fitch rates Petroperu BBB+

Fitch Ratings said it assigned a foreign-currency long-term issuer default rating of BBB+ to Petroleos del Peru SA – Petroperu SA, along with a local-currency long-term issuer default rating of A-.

The outlook is stable.

Petroperu's ratings reflect its ownership by the Peruvian government, the company's strong strategic ties with the state and its strategic importance to assure the country's energy supply, Fitch said.

As a state-owned company, its issuer default rating is strongly linked with the credit profile of the Peruvian sovereign, the agency said.

Government support for the company was evidenced through multiple recent actions, including the decrees promulgated to transfer all the company's pension liabilities to the state and recover the value-added tax for the company's operations in the Amazonian region, Fitch said.

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