Pan American Energy LLC Aug 08
Standard & Poors, August 2008
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 it to the operating risks in a highly uncertain and rapidly changing economic and regulatory environment, and a significant need for capital expenditures to develop its large reserve base. The ratings also reflect the company's large reserve life, competitive operating costs, very strong credit measures, and sound financial profile. The foreign currency rating on PAE is two notches above that on the Republic of Argentina...
Companies mentioned in this report are: Pan American Energy LLC,BP PLC,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,Pan American Energy LLC Sucursal Argentina
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