S&P ups Gran Tierra Energy

S&P said it raised Gran Tierra Energy Inc. and its issue-level ratings to B from B-.

“Crude oil prices jumped to $69.08 per barrel as of June 30, 2021, from $33.39 in the same period of 2020. The rising prices, together with GTE's average production (net of royalties) of 19,357 boepd, allowed its EBITDA to soar to $119.2 million for the six-month period of 2021 from $35.5 million for the same period in 2020,” S&P said in a press release.

GTE slashed its debt to EBITDA , on an annualized basis as of June 30, to 3.7x from 9.8x in 2020, the agency noted.

The outlook is stable.

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