Petroperú implements actions to improve its financial situation

In relation to the lowering of the ranking from BB to B+ announced by the American risk rating agency Standard & Poor's (S&P Global), Petroperú reported that it has been carrying out a series of actions to ensure its financial sustainability and in this way regain the trust of the market financial and its other interest groups.

Among the actions that it has been implementing to improve its liquidity and continue fulfilling its strategic role of supplying the national territory with quality fuels, the administration has been managing credit lines and a series of measures to alleviate the financial situation and thus fulfill the commitments financial statements of the company for the current year and 2024.

As previously reported, the company faces a temporary situation due to actions generated in March 2022, which caused the cutting of short-term credit lines for working capital. A situation that, according to the aforementioned S&P Global report, can only be overcome when the New Talara Refinery begins to operate fully. This is forecasted to occur gradually over the following months until next year, achieving greater profitability to meet the commitments made with its creditors.

In the same way, the rating agency S&P Global assumes "the existence of a very high probability of extraordinary support from the Peruvian Government" that "intervenes to avoid a default by the company... and cover liquidity needs during the fourth quarter of 2023." In such a way that it can continue to fulfill its strategic role in supplying fuel to the national market, especially in critical periods such as the announced El Niño phenomenon.

In the same way, the company reported that it continues with the implementation of a Restructuring Plan that will allow it to strengthen its governance and the sustainability of its operations at the national level, fulfilling a social role, by bringing quality fuels to the most remote places in the national territory.