The Fitch Rating agency indicated that the Government support provided by the Peruvian State to Petroperú It is positive for the oil company, but it has no impact on an improvement in its rating.
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“The Peruvian government’s most recent financial support package for Petroperú is a positive step, preventing the company from defaulting,” the agency said in a statement.
Fitch Ratings noted that the Ministry of Economy and Finance will cover the debt service on the outstanding bonds and the loan owed to the Spanish Export Credit Insurance Company for the rest of the year.
He stressed that the Ministry of Economy and Finance has committed to cover the debt service of the outstanding bonds and a loan with the Spanish Export Credit Insurance Company for the rest of 2024.
He explained that among the additional measures, the government has extended for 11 months a working capital line guaranteed by the Banco de la Nación and approved the capitalization of a loan of 750 million dollars that was due in December of this year. In addition, it will assume a guaranteed loan of 800 million dollars contracted with the Banco de la Nación in March 2024.
“Fitch views these steps, which improve liquidity, positively. However, they do not impact leverage indicators or the view on government support, as they do not result in structural changes that are sustainable in the long term, but simply avoid an imminent default,” the agency concluded.
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