Fitch removes Orazul positive watch

Fitch Ratings said it removed Orazul Energy Peru SA's ratings from rating watch positive and affirmed its long-term foreign-currency and local-currency issuer default ratings at BB. The agency also affirmed Orazul's $550 million of senior unsecured notes.

“The removal of the watch positive reflects the company's weaker market position as a result of indication of core asset sales which offsets previous expectations of a capital structure improvement after the ongoing and future tender offer,” Fitch said in a press release.

The outlook is stable.

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