S&P ups Petroquimica Comodoro

S&P said it raised Petroquimica Comodoro Rivadavia SA’s issuer rating to CCC+ from CCC- and removed its ratings from CreditWatch with negative implications.

Petroquimica recently completed an exchange of its $37 million of senior unsecured notes due Feb. 17, 2021, for new notes, and other short-term debt refinancings. Last month, Petroquimica secured a committed credit facility for $17 million from Banco Itau maturing in 2023 and a loan for $60 million from Banco Galicia, Banco Santander and ICBC, maturing in three years (duration 2.5 years).

“These actions strengthened PCR’s capital structure by extending its debt maturity profile, and consequently, reducing liquidity pressures,” S&P said in a press release.

However, S&P noted PCR has $113 million in debt maturing this year, and $49 million corresponds to a dollar-linked local bond maturing in December

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.