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Fitch pares Petroperu
Fitch Ratings said it downgraded Petroleos del Peru (Petroperu)'s long-term foreign- and local-currency issuer default ratings to BB+ from BBB-. Fitch also downgraded Petroperu's senior unsecured notes to BB+ from BBB-. The rating watch negative is being maintained.
“The downgrade to BB+ and revised stand-alone credit profile (SCP) to ccc- from ccc reflects a weakening in Petroperu's liquidity, persistent high leverage, insufficient government support, and uncertainty pertaining to its ability to maintain its credit lines. Petroperu has publicly disclosed in its unaudited financials a cash position of $32 million, as of June 30, 2022, which Fitch deems to be inadequate,” the agency said in a press release.
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