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Energy & Natural Resources

Global Home > Energy & Natural Resources
Webinar

Latin America Mega Borrowers

Now Available On-Demand

 

Fitch Ratings is hosting a webcast on the largest Emerging Market borrowers in Latin America. Senior analysts from the Latin America Corporate Ratings Group will provide forecast snapshots on the following mid to low investment-grade issuers with the highest adjusted debt: America Movil, Ecopetrol, Petrobras and Suzano. 

 

Speakers:
Daniel Kastholm - Managing Director and Regional Group Head, Latin America Corporate Ratings (moderator)
Lucas Aristizabal - Senior Director and Head of Latin America Energy 
Fernanda Rezende - Senior Director, Latin America Corporate Ratings (Fitch Brazil)
Sul Ahmad - Associate Director, Latin America Corporate Ratings 

 

Listen Now

Rising US Energy Defaults Not Reflective of Broad-Based Risk

Speculative-grade issuers that struggled during the 2014-2016 oil price collapse and failed to fully address structural issues are running out of options, even as oil prices rise. However, operators with high-quality assets, efficient low-cost operations and conservative balance sheets are exhibiting growth and generating positive FCF, which supports credit profiles. 

Aramco's SABIC Deal Echoes Oil Majors' Vertical Integration

Saudi Aramco's acquisition of SABIC (both rated A+/Stable) echoes efforts made by global oil majors and national oil companies to integrate further into downstream and petrochemicals. Refining and petrochemical margins are countercyclical to oil prices and represent a hedge against low oil prices.

Rating Action

Fitch Publishes Saudi Aramco's 'A+' First-Time IDR, Outlook Stable

Saudi Aramco is the world's largest oil producer and the national oil company of Saudi Arabia (A+/Stable). Its standalone profile corresponds to a rating of 'AA+', which sits at the upper boundary of the Fitch rating spectrum for oil and gas companies, and reflects the company's high production, vast reserves, low production costs and very conservative financial profile.

rating action

CITGO Petroleum and CITGO Holdco on RWN

The Rating Watch Negative reflects heightened refinancing risk for the company related to US sanctions against Venezuela. Refinancing risk applies to both Opco's $900 million secured revolver, which expires in July of this year, as well as Holdco's $1.875 billion notes, which are due somewhat later in February 2020

Why Forum

Why “Perverse Incentives” Are Hurting the Solar Market

Infrastructure analyst Cherian George looks at changes in the solar panel market. Growth in residential solar panel installations has sputtered in recent years and an eerie parallel from a decade ago — namely elements of the mortgage crisis — may be part of the reason.

Webcast

Fitch Ratings: An Overview on PEMEX

NOW Available On-Demand

Fitch Ratings hosted a webcast with Lucas Aristizabal, the primary analyst on PEMEX, and Charles Seville, Co-Head of the Americas Sovereign Ratings. Topics of discussion include an overview on PEMEX in light of its recent downgrade and other key rating drivers. Questions from the audience were also addressed.

Fitch Downgrades PEMEX's IDRs to 'BBB-'; Outlook Negative

Fitch Ratings has downgraded Petroleos Mexicanos' (PEMEX) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BBB+' and its National Long-Term ratings to 'AA(mex)' from 'AAA(mex)'. The Rating Outlook is Negative. 

Webcast

What Investors Want to Know - Utilities’ Renewables

Fitch Ratings senior analysts discussed the most frequently raised questions from investors in the European Utilities Renewables sector.

  • Fitch’s view on the changing business environment for renewables and implications for credit profiles                    
  • A discussion around the renewables competitive landscape
  • Portfolio analysis for some large European Utilities, featuring: Enel, Iberdrola, EDP, the new RWE and Orsted

Listen to Webcast On Demand

OPEC+ Supply Controls Are Key for Medium-Term Oil Prices

Changes to Fitch Ratings oil and gas price assumptions are modest, but we believe that supply controls will support medium-term oil prices in the range of USD60-USD65 a barrel for Brent crude. In the longer term, we continue to expect prices to fall below USD60/bbl driven by the falls to marginal producers' full-cycle costs.

2019 Outlook

Renewables Growth to Raise APAC Energy Sector Competition

Coal will continue to dominate the fuel mix across most of the region, but a steady shift toward renewables, particularly in developed economies, could create competitive pressures for some coal-based power projects.

US Midstream Sector Ramping Up on Hope of Higher Oil Exports

Record crude production in the US and the prospect of increased exports is prompting midstream energy companies to build pipeline, storage and export terminals that accommodate very large crude carriers.

Special Report

U.S. and Canadian E&P Transactions

Activity continues to slow and Permian volumes and valuations remain robust according to a Fitch Ratings report. View the new interactive Oil & Gas Valuation Heatmap for transaction comparison and deals by county. Compare yearly data and read the full report

Asian Demand Could Create Deficit in Global LNG Market

Market expectations of oversupply and weak gas prices have curtailed new investment activity in the sector in the past two years. Limited capacity additions beyond 2020 should be positive for spot prices, especially in Asia and Europe. This will benefit LNG projects with significant uncontracted volumes and those linked to gas spot prices.

Russian Oil Restore Pre-2015 Profits, Gazprom Lags Behind

Most Russian oil producers restored 2017 profitability close to 2014 levels due to a price rebound. The outlier was Gazprom as its 2017 EBITDA significantly declined compared to 2014, partly due to a different tax structure applied on gas and lagging gas price increases.

Electric Vehicle Growth Could See Oil Demand Peak By 2030

Electric Vehicle (EV) adoption is an increasing threat to oil demand, which could plausibly peak before 2030. This is not our core scenario, but developments in 2017 show how technological changes and greater product awareness could lead to annual sales of 10 million battery-powered EVs by 2025.

Contacts

BUSINESS ENQUIRIES

Jill Zelter

Global Group Head & North America

BUSINESS ENQUIRIES

Anjali Sharma

Europe, Middle East, Africa

BUSINESS ENQUIRIES

Kathleen Fuentes Holtzman

Latin America

BUSINESS ENQUIRIES

Sing Chan Ng

Asia-Pacific

Banker ENQUIRIES

Matthew de Mendonca

North America

Banker ENQUIRIES

Sean Costello

Europe, Middle East, Africa

Investor ENQUIRIES

Aymeric Poizot

Global Group Head & Europe, Middle East, Africa

Investor ENQUIRIES

Ian Rasmussen

North America

Investor ENQUIRIES

Frank Laurents

Latin America

Investor ENQUIRIES

Helen Wong

Asia-Pacific

ANALYTICAL ENQUIRIES

Shalini Mahajan

North America

ANALYTICAL ENQUIRIES

Lucas Aristizabal

Latin America

ANALYTICAL ENQUIRIES

Peter Archbold

Europe, Middle East, Africa

ANALYTICAL ENQUIRIES

Buddhika Piyasena

Asia-Pacific

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