S&P Places Rating On Watch Negative

• S&P last night announced placing the PETRTT 'BB' rating on CreditWatch with negative implications due to refinancing risks on the 2019 bonds maturing next August.

 

• PETRTT bond debt was reallocated to a new holding company, Trinidad Petroleum Holding (TPH), following a corporate restructure. The rating is assigned and credit watch was placed on TPH.

 

• The new holding company has three subsidiaries; Heritage Petroleum, responsible for E&P operations, Paria Fuel Trading, responsible for fuel imports and marketing, and Guaracara Refining, the entity which will hold the refining assets (the refinery was shut down in late 2018).

 

(Source: Oppenheimer & Co.)