S&P Global Ratings assigned a stable outlook and ratified PETROPERÚ's credit rating at 'BB'

The risk rating agency S&P Global Ratings (S&P) assigned PETROPERÚ S.A. a stable outlook, eliminating the “Credit Watch with Negative Implications” condition. Likewise, it ratified its credit rating at 'BB' until the 2021 audited Financial Statements (EEFF) are presented and once the company implements all the measures and has a more complete vision of the capital structure and access to credit, the prestigious international consulting firm will once again reevaluate its level of classification.

The rating agency's report mentions, as facts that merit a change in outlook, the appointment of a new Board of Directors and new officials in the Administration, the achievement of the necessary exemptions from the Spanish Export Credit Insurance Company (CESCE and its syndicate of lenders) and of the bondholders for the postponement of the delivery of the 2021 audited financial statements for September 30 of this year; as well as by contracting the auditing company PricewaterhouseCoopers (PwC) for this purpose.

Another important factor in the opinion of the aforementioned rating agency is the Government's support for the Company due to the strategic role played by PETROPERÚ S.A. in fuel supply in the country. Likewise, it indicates that the company has made the first payment of the amortization of the credit with CESCE, complying with the established schedule.

This achievement is the result of the actions that PETROPERÚ has been implementing for its financial sustainability, the strengthening of its Good Corporate Governance and the Transparency of its management, in order to be able to overcome the problems generated by the previous Administration and continue guaranteeing the supply of fuels in the country.