Fitch rates Heritage Petroleum, notes BB

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB to Heritage Petroleum Co. Ltd. The agency also gave a BB rating to the planned senior secured notes issuance of up to $700 million due 2033 that will be issued by Heritage but will be guaranteed by Trinidad Petroleum Holdings Ltd. and its wholly owned subsidiary, Paria Fuel Trading Co. Ltd.

“The rating of Heritage reflects its strategic importance to Trinidad and Tobago. Heritage and its guarantors, TPHL and Paria, play a key role in the government's oil and gas development plan, and are a material source of government revenue and economic development in the country,” Fitch said in a press release.

The outlook is stable.

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