Standard and Poor’s (S&P), the United States based ratings agency, has downgraded the Trinidad Petroleum Holdings Ltd (TPHL) rating from BB to B+.

In its recent ratings, S&P made reference to two major concerns that led to the downgrade, citing the tight maturity profile of upcoming debt payments and the administrative default related to the delayed issuance of TPHL 2019 consolidated audited financial statements.

TPHL is vested with the responsibility of managing Trinidad and Tobago’s oil and related assets. It has four subsidiaries – Heritage Petroleum Company Ltd; Paria Fuel Trading Company Ltd; Guaracara Refinery Ltd and the state-owned oil company, Petrotrin.

‘UNFORTUNATE DOWNGRADE’

In the meantime, TPHL has expressed what it described as “disappointment” at the “unfortunate downgrade” by S&P. In a press release, TPHL responded to the move saying there was an “administrative default” related to the delayed issuance of its 2019 consolidated report.

The company added that efforts are being made to address all concerns, noting that “the company has been proactively working through both issues for quite some time, and we expect them to be resolved within short order”.