Fitch: Asia-Pacific oil, gas stable

Fitch Ratings said in a new report that the credit outlook for the Asia-Pacific oil and gas sector is broadly stable, although the outlook for some refiners remains negative.

Most exploration and production and integrated companies have significant headroom at their rating levels, Fitch said. Major investments to boost reserves and production, either organically or through acquisitions, are not expected to exert any significant downward pressure on the ratings, the agency said.

But, downstream refiners will generally continue to face industry-wide capacity surplus, constraining utilization and margins, Fitch said.

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