Fitch shifts Petroperu view to negative

Fitch Ratings said it revised the outlook for Petroleos del Peru - Petroperu SA to negative from stable. Also, the agency affirmed Petroperu’s BBB+ long-term foreign- and local-currency issuer default ratings.

Tuesday, Fitch changed Peru’s sovereign outlook to negative from stable and affirmed its long-term foreign- and local-currency ratings at BBB+.

“As a state-owned company, Petroperu's ratings are equalized with its sovereign's. Petroperu ratings reflect its close linkage with Peru's ratings, due to its strong government ownership and control, and the very strong incentives to support the company as one of the country's largest liquids fuels suppliers,” Fitch said in a press release.

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