Pan American Energy LLC Aug 09
Standard & Poors, August 2009
Abstract
Competitive cost for upstream activities Significant reserve base Changing regulations in Argentina and Bolivia Low geographic diversification Weak free cash-flow generation The 'B+' long-term corporate credit rating on Argentine oil and gas producer Pan American Energy LLC (PAE) reflects the company's heavy concentration in Argentina, certain debt maturity concentration in the short term, and a significant need for capital expenditures to develop its large resource reserve base. The company's large reserve life, competitive operating costs, and strong credit measures partially offset these factors. Our local-currency rating on PAE is two notches above that on the Republic of Argentina, reflecting our opinion that in a severe sovereign default scenario (including a significant contraction of the gross domestic product, a strong devaluation...
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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