S&P downgrades Ancap

Standard & Poor’s said it revised downward the stand-alone credit profile on Administracion Nacional de Combustibles Alcohol y Portland (Ancap) to B- from B.

The agency also said it lowered the company’s corporate credit rating to BB from BB+.

The outlook remains stable.

The downgrades reflect an opinion that the company’s liquidity position has weakened, S&P said, due to its high concentration of debt maturities in the short term.

The agency said it does believe Ancap will rollover its short-term loans thanks to its sound relationship with banks, the shorter time to maturity is a signal of a much tighter liquidity.

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