Fitch acts on two Peruvian corporates

Fitch Ratings said it downgraded Petroleos del Peru Petroperu SA's long-term foreign and local currency issuer default ratings to BBB from BBB+, but affirmed Enel Americas SA’s A- ratings. The agency also cut Petroperu’s $3 billion of notes to BBB from BBB+.

“As a state-owned company, Petroperu's ratings are equalized with its sovereign's. Petroperu's ratings reflect its close linkage with Peru's ratings, due to its strong government ownership and control, and the very strong incentives to support the company as one of the country's largest liquids fuels suppliers,” Fitch said in a press release.

“The affirmation of Enel Americas reflects the company's adequate cash and cash flow from operations located in Colombia and Panama that exceed consolidated hard-currency external interest expense for both the consolidated group and at Enel Americas holding level,” the agency said.

Fitch revised Petroperu’s outlook to stable from negative and Enel Americas’ outlook remains stable.

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