S&P affirms Ancap

Standard & Poor's said it affirmed a BB- long-term corporate credit rating on Administracion Nacional de Combustibles Alcohol y Portland (Ancap).

The outlook is stable.

The agency said it believes there is a high likelihood that the government of Uruguay would provide timely and sufficient extraordinary support to Ancap in the event of distress.

The company has an important role as Uruguay's sole petroleum importer, refiner and supplier of refined products to the country's distributors, the agency said, and its strong link with the government.

The ratings also reflect its weak business risk profile and aggressive financial risk profile, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.