Fitch pulls Hunt Oil of Peru watch

Fitch Ratings said it removed the rating watch negative on Hunt Oil Co. of Peru LLC and assigned a stable outlook.

Additionally, the agency affirmed the BBB ratings on Hunt and its $600 million of senior unsecured notes due 2028.

“The ratings were removed from negative watch, as there is now less risk of nationalizing the asset or modifying Camisea's licensing agreement, which would have impacted HOCP's cash flow and credit profile. Given the unstable political environment, Fitch no longer deems this risk as imminent nor viable. The stable outlook, reflects Camisea's low cost of production, coupled with contracted volumes over the rated horizon,” Fitch said in a press release.

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