Summary: Petroleum Co. of Trinidad & Tobago Ltd. Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services' 'BBB' corporate credit rating on Petroleum Co. of Trinidad & Tobago Ltd. (Petrotrin) reflects our opinion that there is a very high likelihood that the Republic of Trinidad and Tobago (A/Stable/A-1) would provide timely and sufficient extraordinary support to Petrotrin in the event of financial distress. We assess Petrotrin's stand-alone credit profile (SACP) to be in the 'bb' category. In accordance with our criteria for government-related entities, the very high likelihood of extraordinary government support is based on our assessment of Petrotrin's: Important role as the country's sole producer of refined products and key supplier to Trinidad and Tobago National Petroleum Marketing Co. Ltd., the country's major retail gas station network; and Strong link with...

Companies mentioned in this report are: Petroleum Co. of Trinidad & Tobago Ltd.,Republic of Trinidad and Tobago
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.

Petroleum Co. of Trinidad & Tobago Ltd.,Republic of Trinidad and Tobago

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