Petroperu reported the start of a series of actions to “ensure its financial sustainability and regain market confidence”, after the US rating agency Standard & Poor’s (S&P Global) cut its grade from BB to B+.
For example, the oil company’s administration manages credit lines and a series of measures to alleviate its financial situation and meet the company’s commitments for this year and 2024.
Petroperú acknowledged that it faces a temporary situation “due to actions generated in March 2022”, which caused the cut of short-term credit lines for working capital.
“A situation that, according to the S&P Global report, can only be overcome when the New Talara Refinery begins to operate fully. which is estimated to occur gradually over the following months until next year“, said the state in a statement.
Petroperú also recalled that S&P Global finds a “very high probability of extraordinary support from the Peruvian Government” that intervenes to avoid a default by the company, in order to cover liquidity needs during the fourth quarter of 2023.
“In such a way that it can continue to fulfill its strategic role in supplying fuel to the national market, especially in critical periods such as the announced El Niño phenomenon,” the document continues.
Finally, Petroperú guaranteed the implementation of a Restructuring Plan that will allow it to strengthen its governance and the sustainability of its operations at the national level.
Source: Larepublica
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