S&P lowers Pacific Rubiales

Standard & Poor's said it lowered the long-term corporate credit and issue-level ratings on Pacific Rubiales Energy Corp. to BB- from BB.

The outlook is stable.

The downgrade reflects an expectation that the company's financial credit metrics will weaken further in the next 12- to18-months due the recent revision of a hydrocarbon price assumptions, S&P said.

The company’s liquidity is expected to improve in the next 12 months due to potential non-core assets sales, the agency said.

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