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Bulletin: Pan American Energy LLC's 'B+' Rating Unaffected By Bridas Corp.'s Proposed Joint Venture With CNOOC Mar 10
Standard & Poors, March 2010
Abstract
BUENOS AIRES (Standard & Poor's) March 16, 2010--Standard & Poor's Ratings Services said today that its ratings and outlook on Argentinean oil and gas producer Pan American Energy LLC (PAE) are not affected by the recent announcement of China-based CNOOC Ltd.'s proposed $3.1 billion investment in 50% of Bridas Corp. Bridas owns 40% of PAE, while the remaining 60% is owned by BP PLC. The transaction is still subject to regulatory approvals. Our ratings on PAE do not incorporate any credit enhancement derived from potential parent support. At this point, we are not expecting the new ownership structure to result in any major shift in PAE's financial policies....
Companies mentioned in this report are: Pan American Energy LLC,BP PLC,CNOOC Ltd.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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