Fitch upgrades GeoPark

Fitch Ratings said it upgraded GeoPark Ltd.’s and GeoPark Latin America Ltd. Agencia en Chile’s long-term foreign and local currency issuer default ratings to B+ from B.

The outlook remains stable.

The agency also upgraded GeoPark's senior notes due 2024 to B+/RR4 from B/RR4.

Simultaneously, Fitch withdrew GeoPark Latin America Ltd. Agencia en Chile's ratings as the bonds were repaid early and the entity is no longer issuing debt.

Fitch said the upgrade reflects the company's track record of increasing production and improving reserve life, and its ability to continuously implement an effective cost reduction plan.

The agency’s base case scenario expects that Geopark will reach nearly 50,000 boed by 2021 and will have an average total debt/EBITDA of 1.4 times from 2019 through 2020.

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