State oil company Petrotrin has received positive credit ratings from two major United States-based international credit rating firms, Standard and Poor's and Moody's.
In a release yesterday, the company said it had received "favourable ratings together with a stable outlook".
Both firms concluded their annual review of Petrotrin in October (Moody's) and November (Standard and Poor's). As of December 18, Moody's rating is Baa3, while as of December 11, Standard and Poor's gave the company a BBB rating.
Key factors contributing to Petrotrin's rating were:
—Support from the shareholder;
—Modest opportunities to grow oil production through development drilling, recompletions and enhanced oil recovery projects, reducing dependence on more expensive crude imports;
—A strong market position;
—Ability to retain high market share in the regional markets through flexibility in accomodating customer requirements and through premium service;
—Near completion of the Gasoline Optimisation Programme and the Ultra-Low Sulphur Diesel project and expected ramp up of upstream investments with a focus on growing oil production;
—Financial leveraging and stabilising.
The ratings agencies also positively noted the company's efforts to develop cost effective operations at its Pointe-a-Pierre refinery and opportunities to increase production in its exploration and production fields whether directly or through joint venture relationships, Petrotrin said.