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S&P trusts that Petroperú will deliver financial statements on time

S&P trusts that Petroperú will deliver financial statements on time

The risk rating agency warns that, otherwise, the state company could incur an event of default, although it qualifies this scenario as “unlikely.”

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The agency S&P Global Ratings “looks unlikely” that Petroperu is delayed again in the presentation of its audited financial statements corresponding to 2022, which are made by the company PwC.

However, they warned that if audit delivery is delayed beyond the rectification period, it could constitute an event of non-compliance.

Implying? This would translate into an acceleration of debt, which would also cascade other short-term uncommitted bank facilities due to default.

According to the rating agency, unlike last year —when it was delayed beyond the correction period and complicated its credit reputation—, at present the state company is closer to completing the New Talara Refinery 100% of its operation and has received the support of the Peruvian Government to honor its pending payments.

Finally, they also highlighted the restructuring plan agreed at the beginning of the year with Arthur D. Little.

Source: Larepublica

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