S&P turns Petro Rio view to positive

S&P said it revised the outlook on Petro Rio SA to positive from stable and affirmed the global scale B+ and national scale brAA long-term issuer credit ratings on the company. Additionally, the agency affirmed its BB- issue rating on the senior notes with a 2 recovery rating.

Petro Rio reported its acquisition of the Albacora Leste field from Petrobras, which hiked its scale, adding production of about 30,000 barrels/day and net proven reserves of more than 240 million barrels.

“The positive outlook indicates that we could upgrade the company if it improves its liquidity cushion once the acquisition is finalized while keeping solid profitability and low leverage,” S&P said in a press release.

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