Fitch Teleconf: Venezuela's FertiNitro Project Downgrade, Tomorrow, 10:30AM ET.CHICAGO -- Tomorrow morning, May 18, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. will host a teleconference to discuss the rationale behind the May 16 downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of FertiNitro Finance Inc.'s (FertiNitro) US$250 million 8.29% secured bonds due 2020 to 'CCC' from 'B-'. Gersan Zurita, a Senior Director and lead oil and gas analyst for Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. in Fitch's Project Finance Group, will address the downgrade and the role of Decree-Law No 5,218 of March 6, 2007, which forces FertiNitro and other producers of nitrogen-based fertilizers in Venezuela to direct their output from global exports markets to the domestic market, where sales are subject to pricing dictated by the government. The decree-law effectively dismisses the economic basis of the project, developed to convert associated natural gas of Petroleos de Venezuela S.A. (PDVSA PDVSA Petroleos De Venezuela, SA ) into ammonia ammonia, chemical compound, NH3, colorless gas that is about one half as dense as air at ordinary temperatures and pressures. It has a characteristic pungent, penetrating odor. and urea, with export sales of these products generating dollar revenue for Pequiven. Price controls will diminish the economic viability of FertiNitro. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Zurita, 'Fitch believes that the decree-law is likely to cause project revenues to decline substantially.' To participate in the teleconference, interested parties should call +1-877-241-2557 five minutes prior to the 10:30 a.m. start time and give the title of the call 'Venezuela's FertiNitro Project' or the call leader name 'Gersan Zurita.' For international participants, the dial-in number is +1-706-643-7396. To ensure there are sufficient telephone lines available, use internal conferencing capabilities, if possible, for multiple listeners at a single location. A replay of the teleconference will be available starting tomorrow afternoon, at 12:30 p.m. ET until May 25 at 11:59 p.m. ET. To listen to the teleconference replay, U.S. participants should call +1-800-642-1687. Participants outside the U.S. should call +1-706-645-9291. The conference ID number for the replay is '9129462'. Additionally, the teleconference will be archived on the Fitch Ratings web site. Interested parties can find the appropriate link at www.fitchratings.com. Click on the 'Fitch Events' button, and then on 'Teleconferences' to find the call information. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion