Fitch Upgrades Pan American, Petrobras Energia Ratings

Fitch Ratings has upgraded its rating on Argentine oil company Pan American Energy's (PAE) foreign currency issuer default rating (IDR) to BB- from B+ and on Petrobras Energia (NYSE: PZE), the Argentine subsidiary of Brazil's federal energy company Petrobras (NYSE: PBR), to B+ from B, the ratings agency said in a statement.

The increase was made as a result of Fitch's upgrade of Argentine corporates' long-term local currency issuer default rating to B from B- and the country ceiling to B+ from B, according to the statement.

"The Argentine sovereign rating actions reflect reductions in government financing requirements and favorable near-term economic prospects," according to the Fitch report. Debt amortization requirements through end-2007 are modest compared with those of other speculative grade sovereigns."

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