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Petroperu Downgraded at S&P, Further Moves May Follow

PERU
  • Overnight on Tuesday S&P downgraded Petroleos del Peru SA to B from B+ and placed the rating on CreditWatch with negative implications, reflects its belief that the rating could be lowered to B- or lower in next three months. The move follows Fitch taking similar action on May 21.
    • S&P said the rating could be further reduced in part because of its delay in obtaining audited financial statements. The ratings agency noted that “while we believe that the government will step in to avoid a default in the short term, we also believe the growing challenges in addressing Petroperu’s difficulties weigh as a contingent liability”.
    • Fitch had previously said that on a standalone basis, a default “of some kind” seems likely because of liquidity constraints.
  • In politics, President Dina Boluarte was questioned by prosecutors Tuesday over the shuttering of a police unit that had searched her house in a corruption case. The interview, which lasted for about three hours, was the latest in a growing list of investigations into the President, which have continued to weigh on her approval rating, which sits at just 5% according to the latest poll. 90% of people also now disapprove of her government.
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