Industry Report Card: Latin American Oil & Gas Companies See Increased Governmental Intervention In First Quarter Jun 06
Standard & Poors, June 2006
Abstract
Driven by the continued strength in oil prices, actions by the governments of Bolivia, Venezuela, and Ecuador have been the highlight during the first months of 2006. The most dramatic decision was take by the government of Bolivia. On May 1, 2006, the government of the Republic of Bolivia (B-/Negative/C) announced its plan to increase its intervention in the country's energy sector, nationalizing hydrocarbon reserves and production, and took immediate military action to begin enforcing it. The impact of said actions on rated issuers has been manageable given their low exposure to Bolivia. Standard & Poor's Ratings Services studies the aforementioned in more detail in our article titled "Credit FAQ: Bolivia's Nationalization Decree On Energy Activities: The Impact On Sovereign...
Companies mentioned in this report are:
- Petroleos de Venezuela S.A.
- YPF S.A.
- Pan American Energy LLC
- Empresa Nacional del Petroleo
- Petroleos Mexicanos
- Petrobras Argentina S.A.
- Tecpetrol S.A.
- Administracion Nacional de Combustibles Alcohol y Portland
- Petroleum Co of Trinidad & Tobago Ltd
- The National Gas Co. of Trinidad & Tobago Ltd.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Petroleos de Venezuela S.A.
- YPF S.A.
- Pan American Energy LLC
- Empresa Nacional del Petroleo
- Petroleos Mexicanos
- Petrobras Argentina S.A.
- Tecpetrol S.A.
- Administracion Nacional de Combustibles Alcohol y Portland
- Petroleum Co of Trinidad & Tobago Ltd
- The National Gas Co. of Trinidad & Tobago Ltd.
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