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PERU: Fitch Says Petroperu Support Is Positive, But Doesn’t Change Rating

PERU
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  • In a statement yesterday, Fitch said that the government’s recently announced support for Petroperu is a positive development, preventing the company from defaulting, but its CCC+ rating is unaffected. Last weekend, the finance ministry confirmed that it would take responsibility for Petroperu’s debt payments due in the second half of this year, easing the company’s liquidity concerns for now.
  • Despite these liquidity-enhancing steps, however, Fitch said that they do not impact leverage metrics or the view on government support, as they do not result in structural, long-term, sustainable changes, but merely avoid imminent default.
  • Data wise, the macro calendar remains clear today, with the next release of note being September CPI inflation on Oct 1.
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  • In a statement yesterday, Fitch said that the government’s recently announced support for Petroperu is a positive development, preventing the company from defaulting, but its CCC+ rating is unaffected. Last weekend, the finance ministry confirmed that it would take responsibility for Petroperu’s debt payments due in the second half of this year, easing the company’s liquidity concerns for now.
  • Despite these liquidity-enhancing steps, however, Fitch said that they do not impact leverage metrics or the view on government support, as they do not result in structural, long-term, sustainable changes, but merely avoid imminent default.
  • Data wise, the macro calendar remains clear today, with the next release of note being September CPI inflation on Oct 1.