the state company Petroperu was once again subject to a downgrade of its credit rating, as the Fitch Ratings agency reduced the oil company’s note from ‘BBB-‘ to BB+, placing it as a junk bond.
To this is added that the risk rating agency maintained the negative observation on the Peruvian company.
LOOK: Pedro Castillo proclaimed his innocence, but remained silent before the Prosecutor’s Office
“The downgrade to ‘BB+’ and an independent review of the credit profile from ‘ccc’ to ‘ccc-‘ reflect a weakening in Petroperú’s liquidity, persistently high leverage, insufficient government support and uncertainty regarding its ability to maintain credit lines. credit. Petroperú has publicly disclosed in its unaudited financial statements a cash position of US$32 million as of June 30, 2022, which Fitch considers inadequate”, reported the risk rating agency.
This is the second discount applied Fitch Ratings on Petroperú so far this year, after the company went through a critical situation since the beginning of the year due to irregularities related to appointments of senior officials and after delays in the presentation of its audited financial statements.
financial statements
This last problem was also related to the decision made by the PwC consultant in February by refraining from auditing Petroperú due to a series of irregularities that would have been noticed.
After a series of management changes, on April 29, the Comptroller’s Office authorized the oil company to sign a contract with PwC to review its financial statements for the 2021 period. In said contract, the parties established that the audit opinion would be presented on August 31 this year.
However, on September 1, the parties announced that they had extended the deadline until September 9 of this year.
