Fitch pares Petroperu to BBB-

Fitch Ratings said it downgraded Petroleos del Peru Petroperu SA's long-term foreign- and local-currency issuer default ratings to BBB- from BBB. Fitch also trimmed Petroperu's senior unsecured notes to BBB- from BBB. The IDRs and notes have been placed on rating watch negative.

“The revisions and RWN reflect the company's lack of financial transparency and weakened governance, as evidenced by the significant delay in the company's 2021 year-end financial audit. As a result, Fitch lowered the ESG governance score for financial transparency to 5 from 3 and revised Petroperu's stand-alone credit profile (SCP) to ccc from b-. This led to a reassessment of Petroperu's linkage with the sovereign per Fitch's government related entity (GRE) Criteria, and a top-down-minus-one rating approach,” the agency said in a press release.

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