Fitch cuts PetroAmazonas

Fitch cuts PetroAmazonas

Corporate & Sovereign Strategy Capital Markets Energy Ecuador

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

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