Pacific Rubiales, the largest private oil producer in Colombia, announced Monday the company’s credit rating has been increased by two ratings agencies.
The Canadian company’s “Corporate Family Rating” was upgraded from Ba2 to Ba3 by Moody’s Investors Services on November 21.
A Corporate Family Rating is an opinion of a corporate family’s ability to honor all of its financial obligations. Moody’s employs the general long-term rating scale for Corporate Family Ratings.
Fitch Ratings awarded Pacific Rubiales Energy Corp’s foreign and local currency an “Issuer Default Rating” of BB, a step up from BB-.
An Issuer Default Rating reflects the ability of an entity to meet financial commitments on a timely basis.
In a statement, Ronald Pantin, CEO of Pacific Rubiales, said “This recent upgrade by two of the company’s credit rating agencies provides a strong endorsement of the company’s increasing financial strength and its future as a leading diversified Latin American oil and gas producer.”