S&P downgrades Petrotrin

Standard & Poor's said it lowered the long-term corporate credit and senior unsecured ratings on Petroleum Co. of Trinidad and Tobago Ltd. (Petrotrin) to BBB- from BBB.

The outlook is stable.

The downgrades are based on Petrotrin's weaker-than-expected operating performance, which is exposing the company to higher operating costs and would cause tightening cash flow leverage metrics in the next 12 to 18 months, S&P said.

Operational disruptions and several overdue turnarounds in its refinery affected the company's operations during 2013, the agency said.

S&P also said it reflects Petrotrin's limited geographic diversification and asset concentration in refining and oil and gas exploration and production.

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