S&P rates Petroperu notes BBB-

S&P said it assigned today its BBB- issue-level rating on Petroleos del Peru Petroperu SA’s proposed long-term bullet senior unsecured notes of up to $1 billion.

“The ratings on Petroperu continue to incorporate a highly leveraged financial profile, which we only consider sustainable due to the company’s ownership by the Republic of Peru, which we rate at investment grade, and our assessment of a very high likelihood of extraordinary support from the sovereign in case of financial distress,” the agency said in a press release.

The company will use the proceeds to complete the Talara refinery’s upgrade.

The outlook is stable.

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