Pan American Energy LLC Aug 07

Standard & Poors, August 2007

Abstract
Competitive cost and low-risk, upstream activities Moderate leverage and strong coverage ratios Significant reserve base Changing regulations in Argentina and Bolivia Low geographic diversification Capital-intensive business that requires continuous reinvestment to sustain production levels Standard & Poor's Ratings Services' ratings on Pan American Energy LLC (PAE) reflect the company's heavy concentration in Argentina, which exposes PAE to the operating risks in 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 adequate reserve life, competitive operating costs, outstanding credit measures, and sound financial profile. The foreign currency rating on PAE is one notch above that on the Republic of...

Companies mentioned in this report are:
- Pan American Energy LLC
- BP PLC
- Argentina (Republic of) (Unsolicited Ratings)
- Pan American Energy LLC Sucursal Argentina

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Pan American Energy LLC
- BP PLC
- Argentina (Republic of) (Unsolicited Ratings)
- Pan American Energy LLC Sucursal Argentina

Customers who bought this item also bought

• Charter Schools - Global Outlook
• eLEARNING - Global Strategic Business Report
• North America – Smart Weapons Markets and Technologies Outlook – 2013-2020
• Aerospace and Defense Industry - Global Strategic Business Report
• Sports and Fitness Nutrition - Global Strategic Business Report
• Education Services - Global Strategic Business Report
• Commercial And Military Flight Simulation - Global Strategic Business Report
• The Global UAV Payload Market 2012-2022
• Private Tutoring - Global Strategic Business Report
• Defense Robotics - Global Strategic Business Report