S&P pulls Petroperu from watch

S&P said it affirmed Petroleos del Peru’s (Petroperu) BB ratings and removed them from CreditWatch with negative implications. The outlook is stable.

“During the past few weeks, Petroperu prevented the possibility of an event of default, linked to the non-compliance of its reporting obligations, by receiving the waivers from existing lenders. Moreover, PWC has resumed its role as Petroperu's auditor and is advancing with the analysis of the 2021 results that should be presented according to the amendments made over existing documentation by Sept. 30, 2022,” the agency said in a press release.

Petroperu’s outlook also mirrors that on the sovereign and an assessment of a very high probability of support, as seen in the government's liquidity injection of $750 million.

“Finally, the outlook incorporates the obtained waivers that prevented the possibility of an event of default in the short term,” the agency said.

S&P said it will continue checking on the company’s progress over the next few months.

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