S&P pares Petroperu

S&P said it lowered its global scale foreign-currency rating on Petroperu SA to BB from BB+, mainly reflecting downward revision in the issuer’s liquidity assessment to weak, which resulted in a revision of Petroperu's stand-alone credit profile to b- from b.

On April 5, Petroperu reported the appointment of a new board and key management positions, including a new CEO and CFO. “Following these changes, we reviewed topics such as liquidity, the audit process, and government support with the new management team and the ministry of finance,” the agency said in a press release.

S&P said it considered the latest developments, including the delay in executing the plan to address the still pending 2021 audited financials, before concluding the company’s liquidity and financial flexibility have deteriorated.

The ratings remain on CreditWatch with negative implications.

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