August 23, 2018 |
Fitch Ratings has downgraded PetroAmazonas to B- from B, shortly after cutting its sovereign link Ecuador to the same level.
The rating agency said the oil company's capital markets debt was linked to Ecuador's rating as a guarantor. PetroAmazonas' notes are fully covered by a sovereign guarantee, making it a direct and unconditional obligation of the central government.
The state-run oil explorer sold $300m in Rule 144A 2020 bonds back in December last year. The three-year notes were offered at
Ecuador's oil company feels the effects of the sovereign downgrade, gets lowered to B- from B