Citgo's ratings buckle under PDVSA pressure

Citgo's ratings buckle under PDVSA pressure

Corporate & Sovereign Strategy Debt Bonds Capital Markets Economy & Policy Fixed Income Energy Politics Venezuela US

Citgo faces another ratings downgrade as it and its parent company, Venezuela's state-owned oil firm PDVSA, deal with rising refinancing risks, LatinFinance has heard. "They are already in ratings watch negative and have growing refinancing risks," a source at Fitch said about Citgo, adding that the Houston-based refiner has a $900m revolving credit facility that expires in June and $1.9bn in bonds that come due in the near to medium term. Citgo's main challenge, however, is "change-in-control r

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