March 19, 2019 |
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
Houston-based refiner faces a downgrade as change-in-control risk compounds rising refinancing risks, source says