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Fitch Downgrades Petroperu To CCC+, Government Says Support Coming

PERU
  • Petroperu‘s long-term issuer default rating was downgraded by Fitch to CCC+, from B+, yesterday due to liquidity constraints which are likely to lead to a default. Petroperu’s board has recently said that it needs an additional $2.2 billion in funds to continue operating.
  • Following the downgrade, Energy and Mines Minister Romulo Mucho told reporters that financial support will be necessary, although he did not say how much. Earlier, Finance Minister Arista had said that support could come shortly and may include capital injections, credit extensions and guarantees.
  • Data wise, the calendar is light today, but Q1 GDP figures will be published tomorrow, with analysts expecting growth to pick up to +1.4% y/y.
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