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Oleoducto de Crudos Pesados Jan 12
Standard & Poors, Jan 2012
Abstract
A 100% project sponsorship; The project guarantors' performance guarantee and 'ship-or-pay' tariff agreements; and An adequate contractual structure consistent with investment-grade project finance transactions. Risk that initial shippers and performance guarantors might default on their agreements; and Decreased incentive for the sponsors to honor their obligations if oil discovery in Ecuador lags. Standard & Poor's Ratings Services bases its 'BBB' rating on the $900 million senior secured bank loan due 2018 of oil pipeline project Oleoducto de Crudos Pesados (OCP) on the creditworthiness of several, but not joint, performance guarantors: Repsol-YPF S.A. (BBB/Positive/A-2), Occidental Petroleum Corp. (A/Stable/A-1), PetroOriental Holding Ltd. (not rated), Anadarko Petroleum Corp. (BBB-/Stable/--), and Petrobras Argentina S.A. (PASA; BB-/Stable/--; formerly Petrobras Energ-a S.A.). The creditworthiness of PetroOriental...
Companies mentioned in this report are: Oleoducto de Crudos Pesados,Kerr-McGee Corp.,Occidental Petroleum Corp.,Anadarko Petroleum Corp.,Repsol-YPF S.A.,Encana Corp.,Petrobras Argentina S.A.,China Petroleum & Chemical Corp.,China National Petroleum Corp.
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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