Moody's downgrades Peru LNG

Moody's Investors Service said it downgraded Peru LNG SRL's corporate family rating and senior unsecured rating on the company's notes to B1 from Ba3.

The rating action was driven by Moody's expectation the company will continue to post weak cash flows and that its credit metrics will remain weak in the foreseeable future given low liquified natural gas prices. The rating outlook has been revised to negative from stable.

The coronavirus outbreak, deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The oil and gas sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.