Puma Energy, a leading global downstream energy business, announces it has been assigned a long-term issuer credit rating of ‘BB’ with a “Stable” outlook from S&P Global Ratings (“S&P”). Our outstanding senior unsecured notes have also received a BB issue rating.
S&P cited Puma’s market leadership and diversification, its presence in regulated markets, its successful deleveraging, along positive free cash flow generation and prudent financial policy as the overall rationale for its rating opinion.
Puma Energy Chief Financial Officer Carlos Pons said: “We are pleased to receive corporate and note ratings of BB with Stable Outlook from S&P. This rating confirms our successful efforts in turning around and strengthening the company’s balance sheet by reducing debt and improving our debt maturity profile. We are also pleased to see continued recognition of our strong operational performance, cash flow generation and liquidity, which we delivered through our strategy of focusing on our core downstream markets and segments.”
S&P’s stable outlook represents the expectation that Puma Energy will maintain steady performance while operating within the parameters set by its financial policy.
S&P offers a fresh perspective on Puma Energy, as the company concludes its turnaround and is now embarking on a phase of prudent growth.
Puma Energy has decided to maintain two ratings from global leading rating agencies, which has resulted in a rotation amongst our rating providers. As of now, Puma Energy is soliciting ratings solely from S&P and Fitch.