Fitch pumps up Pampa Energia

Fitch Ratings said it upgraded Pampa Energia SA's long-term foreign-currency and local-currency issuer default ratings to B- from CCC. The agency also upgraded Pampa's senior unsecured notes to B-/RR4 from CCC/RR4.

“The rating upgrades reflects Pampa's resiliency during a challenging macroeconomic and uncertain regulatory environment since 2018 coupled with it de-risking its consolidated business by selling its majority stake in electricity distribution company, Edenor. Since 2018, Pampa has managed to de-lever from 2.3x in 2018 to 2x expected in 2021 and strengthened overall liquidity, despite restrictive capital controls and material payment delays from Cammesa,” the agency said in a press release.

The outlook is stable.

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