Fitch raises Petrorio notes

Fitch Ratings said it upgraded Petrorio Luxembourg Trading Sarl’s $600 million of senior secured notes due 2026 to BB from BB- and its long-term foreign- and local-currency issuer default ratings for PRIO SA to BB from BB-. PRIO guarantees Petrorio’s notes.

“The upgrades reflect the increased production of nearly 100,000 boed, material increase in gross 1P reserves exceeding 650 million boe, while maintaining its robust financial metrics, low-cost production profile, and low leverage estimated to be below 1x through the rating horizon,” the agency said in a press release.

The outlook is stable.

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