Fitch to rate Petroamazonas notes B/RR4

Fitch Ratings said it expects to assign a B/RR4 rating to the $300 million senior unsecured notes issued by Empresa Publica de Exploracion y Explotacion de Hidrocarburos Petroamazonas EP due 2020.

The transaction is a remarketing of the notes originally issued in Nov. 6 to Consorcio Shushufindi.

The notes are fully covered by a sovereign guarantee, which constitutes a general, direct, unsecured, unsubordinated and unconditional obligation of the sovereign. The guarantee is backed by the full faith and credit of the Republic of Ecuador and ranks equally in terms of priority with other sovereign debt.

Fitch said Petroamazonas’ senior unsecured notes rating is linked to the Republic of Ecuador's ratings as guarantor. This linkage reflects Petroamazonas’ importance to the government of Ecuador as the main supplier of the country's energy supply, and large contributor of dollar and government revenues.

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