For the rating agency, the recent measures do not result in long-term structural and sustainable changes, but rather simply prevent an imminent default by the state oil company.
In a statement, the risk rating agency Fitch Ratings reported that the latest financial support package granted to the Peruvian state oil company Petroperú by the Government of Dina Boluarte is a positive step, which prevents the company from defaulting on its obligations, but has no impact on its credit rating.
As we recall, last May Fitch Ratings downgraded Petroperú's credit rating from B+ to CCC+, arguing that it faces a serious liquidity crisis since the cash expected to be generated in 2024 will not be sufficient to cover its debt payments.
The rating agency said that with this package, the Ministry of Economy and Finance (MEF) will cover the debt service of the outstanding bonds and the loan to the Spanish Export Credit Insurance Company for the rest of the year.
Among the measures approved by the Peruvian Government are the 11 additional months to the working capital line provided by Banco de la Nación, guaranteed by the National Government; the capitalization of the US$ 750 million loan that was due in December 2024 and the assumption of the US$ 800 million loan guaranteed by Banco de la Nación in March 2024.
"Fitch views these measures as positive in improving liquidity. However, they do not impact leverage metrics or the view on government support, as they do not result in structural changes that are sustainable in the long term, but simply prevent an imminent default," Fitch said.
Members of the board appointed by the MEF do not confirm continuity
This morning, the Minister of Economy and Finance, José Arista, said that the formation of the new board of directors of Petroperú could be decided between today and tomorrow, for which a meeting will be held at the Presidency of the Council of Ministers.
"I was sure yesterday (of the continuity of the directors proposed by the Ministry of Economy and Finance), although some of them have expressed a contrary decision to me, but we are in talks," he said.
The members of the Board referred to by Arista are David Tuesta, Pedro Gamio and German Boza. Meanwhile, Oliver Stark and Carlos Villalobos are two of the members appointed by the Ministry of Energy and Mines (Minem).
In response, local radio RPP reported that some sources indicated that although the Executive proposed to the members that they continue on the Board, the condition they raised was to keep all the full members, including Oliver Stark, the resigning Chairman of the Board. However, in the last few hours the Government has proposed the entry of Alejandro Narváez, former President of Petroperú, to replace Stark.
This would have made the members of the Board uncomfortable and so far there is no agreement, despite what Arista has indicated.
