Venezuela’s financial and political
problems should not affect the credit ratings of any European oil and gas
companies operating in the country, Fitch Ratings says. Repsol, Eni, Total and
Shell all have exposure to Venezuela, mainly via joint ventures. Cash flows
from Venezuelan operations should be received via dividends from these joint
ventures, but the situation in the country means our ratings already assume
that no dividends will be received over the rating horizon. Recovering the
capex spent in the past few years may also not be possible in the medium term. More…
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