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Petrobras Argentina S.A. Dec 11
Standard & Poors, Dec 2011
Abstract
Potential support from its main shareholder, Petrobras, enhancing financial flexibility and overall credit quality; and Strong liquidity position after the sale several noncore assets. Exposure to the volatile and changing regulatory Argentine environment; Capital-intensive business that requires continuous reinvestment to sustain production; and Weak upstream performance and poor reserve replacement ratios. Standard & Poor's Ratings Services' ratings on Petrobras Argentina S.A. (PASA) mainly reflect our perception of the existence of economic incentives from Petr-leo Brasileiro S.A. - Petrobras (BBB/Stable/--) to support it, given its strategic importance as a key foreign subsidiary in Latin America. This was evidenced partly through the standby purchase agreement (SPA) it granted to PASA to support the May 2007 issuance of $300 million 10-year notes. As...
Companies mentioned in this report are: Petrobras Argentina S.A.,Petroleo Brasileiro S.A. - Petrobras
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
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