Moody’s rates Tecpetrol, notes Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating to Tecpetrol Internacional, SLU.

At the same time, the agency assigned a Ba3 rating to Tecpetrol SA's proposed up to $500 million in guaranteed senior unsecured notes, which will be irrevocably and unconditionally guaranteed by Tecpetrol Internacional.

Proceeds will be used to fund capital investment in Argentina as well as other general business purposes.

The outlook is stable.

Moody’s said the Ba3 ratings on Tecpetrol Internacional and on Tecpetrol's proposed guaranteed notes are supported by Tecpetrol lnternacional's geographic diversification, with oil and gas assets and operations in Argentina (B3 positive), Peru (A3 stable), Mexico (A3 negative), Colombia (Baa2 stable), Bolivia (Ba3 stable), Ecuador (B3 stable), and Venezuela (Caa3 negative).

However, its exposure to Argentina's economy and operating environment will increase over the next couple of years as a result of its large expansion plan in the country, the agency added.

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