Fitch shifts Pearl Petroleum view to negative

Fitch Ratings said it revised the outlook on Pearl Petroleum Co. Ltd.'s long-term foreign and local-currency issuer default ratings to negative from stable and affirmed the IDRs at B-. Fitch withdrew the long-term IDRs and B-(EXP) senior secured rating.

Fitch withdrew the ratings as the planned bonds were canceled.

The outlook follows the action on the ratings of Iraq as Pearl's rating is constrained by the weak operating environment in Iraq and credit exposure to the Kurdistan Regional Government, Fitch said.

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