February 25, 2019 / 4:39 PM / 7 months ago

Fitch places CITGO Petroleum, parent firm on rating watch negative

Feb 25 (Reuters) - Ratings agency Fitch on Monday placed the U.S. subsidiary of Venezuela’s state-owned PDVSA, CITGO Petroleum Corp, on rating watch negative due to the impact of recent U.S. sanctions on the South American country.

The agency also placed CITGO’s parent firm CITGO Holding Inc on rating watch negative.

The United States in January imposed sanctions here on PDVSA, in a bid to pressure socialist President Nicolas Maduro to step down.

Fitch said while CITGO had a good track record of buying from third party suppliers, there was a risk related to finding new long-term supply for heavy sour crude.

However, the agency said the issues were temporary and it expects to resolve the rating watch by mid-summer.

Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel

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