Fitch affirms Petroperu

Fitch Ratings said it affirmed Petroleos del Peru - Petroperu SA's long-term foreign currency issuer default ratings at BBB+ and local currency issuer default rating at A-.

The action affects $2 billion of notes outstanding rated BBB+.

The outlooks are stable.

Fitch said the ratings reflect Petroperu's ownership by the Peruvian government, the company's strong strategic ties with the state, and its strategic importance to maintaining the country's energy supply. As a state-owned company, Petroperu's foreign currency issuer default rating is strongly linked with the credit profile of the Peruvian sovereign (foreign currency issuer default rating BBB+/local currency issuer default rating A-; stable).

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