Summary: Pan American Energy LLC Jun 06

Standard & Poors, June 2006

Abstract
Standard & Poor's Ratings Services' ratings on Pan American Energy LLC (PAE) reflect its heavy concentration in Argentina, which exposes the company to the risks of operating under a highly uncertain and rapidly changing economic and regulatory environment, as well as a significant need for capital expenditures to develop its large reserve base. The ratings also reflect the company's relatively large reserve base, low operating costs, outstanding credit measures, and a very sound financial profile. The foreign currency rating on PAE is two notches above the foreign currency rating on Argentina. The foreign currency rating reflects PAE's partial insulation from transfer and convertibility risks due to its substantial foreign currency generation (about 46% of revenues are from exports), the preferred...

Companies mentioned in this report are: Pan American Energy LLC,BP PLC
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Pan American Energy LLC,BP PLC

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