The Fitch Ratings agency announced the withdrawal of all ratings of Petroperu. According to him, this is because they lack sufficient information to make a rating decision for the issuer or its debt instruments.
“The company’s liquidity position is weak and conversations with the government are ongoing. Fitch will no longer provide ratings or analytical coverage of Petroperú,” reads a statement that was uploaded to the Superintendence of the Securities Market (SMV).
This decision comes a few days after the Executive issued emergency decree (DU) 010-2025, which proposes the reorganization of the oil company. This rule has been questioned by a sector of the left that wants to keep the tricks within the company.
The situation of the state oil company is unsustainable, taking into account that, according to figures from the Ministry of Economy and Finance (MEF), debts exceed US$5,000 million and losses in just one year exceed S/1,600 million.
In August, Fitch decided to maintain the oil company’s long-term foreign and local currency rating at ‘CCC+’. At that time, the agency indicated that Petroperú faces a serious liquidity crisis and that debt payments were not planned to be covered.
“The operational challenges related to the operations of the Talara Refinery and the cash demands for its start-up and shutdowns have generated additional financial needs that the company must cover with external sources during the qualification horizon,” he indicated at the time.
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