Moody’s Withdraws Pan America Rating

(Moody’s Investor Service, 9.Sep.2015) – Moody’s Latin America Agente de Calificación de Riesgo has withdrawn the Aa1.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility of Pan American Energy LLC, Argentine Branch (PAE) for business reasons. However, the B2 Global Scale Rating remains unchanged.

Pan American Energy LLC, Argentine Branch is a wholly-owned subsidiary of Pan American Energy LLC (B2, stable). Pan American Energy LLC is a holding company owned 60% by BP p.l.c. (A2, Positive) and 40% by Bridas Corporation (not rated). Bridas Corporation in turn is 50% owned by CNOOC Limited (Aa3, Stable) and 50% by Bridas Energy Holdings (not rated).

The company engages in the exploration and production of oil and gas in the Southern Cone region of South America and is headquartered in Buenos Aires, Argentina.

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