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S&P places Citgo on watch
S&P said it placed the ratings on Citgo Holding Inc. and Citgo Petroleum Corp. on CreditWatch with developing implications.
The agency said the CreditWatch placement reflects heightened uncertainty regarding the separation between Citgo, which has a stand-alone credit profile of b+, and its parent PDVSA, which is rated SD.
“We have selected CreditWatch with developing implications because there are potentially both negative and positive rating actions that we might take on Citgo based on how the situation in Venezuela evolves,” S&P said in a news release.
“While the eventual rating action we might take is very hard to predict, we believe that it is somewhat more likely to be negative than positive.”
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