Summary: Pan American Energy LLC Feb 10

Standard & Poors, February 2010

Abstract
Standard & Poor's Ratings Services' rating on Argentinean oil and gas producer Pan American Energy LLC (PAE) reflects the company's heavy concentration in Argentina, some short-term debt maturity concentration, and a significant need for capital expenditures to develop its large resource reserve base. The company's large reserves, 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 in GDP, a strong devaluation of the Argentinean peso, rising inflation, an inability to fully pass along cost increases, and a lack of new financing), the company would be able to generate...

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

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.

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
- Argentina (Republic of) (Unsolicited Ratings)

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