Fitch Ups Petrobras Energia National Scale Rating
Fitch has upgraded its national scale rating on Argentina's Petrobras Energia (PE) (NYSE: PZE) to AA(arg) from AA-(arg).
Fitch also affirmed PE's B+ foreign currency issuer default rating, BB- local currency issuer default rating and B+/RR3 senior unsecured issue rating, the ratings agency said in a statement. The outlooks are stable.
The ratings are supported by the company's solid credit profile, significant cash generation outside Argentina and ability to retain a material amount of export revenues abroad, the statement added.
PE is a subsidiary of Brazil's federal energy company Petrobras (NYSE: PBR).
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Operates 35 Offshore Rigs
Manages 12 Offshore Rigs
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