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S&P removes Citgo from watch
S&P said it removed ratings for Citgo Holding Inc. and Citgo Petroleum Corp. from CreditWatch with developing implications.
S&P affirmed its B- long-term issuer credit ratings for the companies, but it revised their stand-alone credit profile to BB from BB- on a reduction in overall leverage.
“We do not foresee a near-term change in this group status. Since the interim (Guaido) Venezuelan government appointed a new board of directors at Citgo, we do not believe the Maduro government could take any action that harms the company's operational capability,” said S&P in a press release.
The outlook is stable.
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