S&P pumps up Petro Rio

S&P said it raised its ratings for Petro Rio SA’s senior secured notes to BB from BB- with a 2 recovery rating. It also raised the national scale issue rating on the company's debentures to brAA+ from brAA with a 3 recovery rating. The agency also upgraded Petro Rio’s global scale issuer rating to BB- from B+ and on the national scale rating to brAA+ from brAA.

“Petro Rio is significantly increasing its scale and portfolio diversification with the acquisition of Albacora Leste. In terms of production, the field currently produces 32,000 barrels of oil per day (bbl/d), of which 27,200 bbl relates to Petro Rio's 90% working interest in the field. We forecast Albacora Leste's daily production to expand to about 45,000 bbl/d in 2024 due to investments to improve the field's productivity. With the integration of the new asset, we expect Petro Rio's total production to be 75,000 bbl/d in 2023 and above 110,000 bbl/d in 2024,” S&P said in a press release.

S&P said it forecasts Petro Rio will post net revenue of between $2 billion and $2.5 billion and EBITDA of $1.5 billion to $1.9 billion in 2023, compared to its previous forecast of $1.7 billion and $1.2 billion,

The outlook is stable.

© 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.