Institutional synergy: Moody's upgrades Petroperú's credit outlook to positive, driven by the new board's management and the structuring led by ProInversión.

Credit rating agency Moody's Ratings has revised Petroperú's credit outlook from negative to positive. This strategic decision highlights the tangible improvement in the company's liquidity position following the recent US$475 million bridge loan disbursement and progress toward structuring a more comprehensive financing arrangement that will strengthen the company's financial stability. This outlook revision serves as a highly favorable signal in the process of restoring market confidence in Petroperú; it reflects objective recognition of the rigorous disciplinary measures being implemented to ensure operational continuity and move toward a sustainable financial structure.

This sustained improvement in Moody’s assessment is not an isolated event but the direct, verifiable result of profound institutional synergy. In this context, it is essential to highlight the progress achieved through the active participation and leadership of Petroperú’s new Board of Directors. Since its appointment, the company's highest corporate governance body has rapidly advanced the technical and corporate approvals for all documents and instruments required to secure the disbursement of international funds. This agility and leadership determination demonstrated to the markets that the company now possesses robust governance fully aligned with the restructuring process—a factor that played a crucial role in improving the rating agency's view of the company's solvency.

Complementing this internal rigor is the significant role played by ProInversión in drafting Emergency Decree 003-2026. This extraordinary regulatory framework enabled the structuring of corporate financing directly from international private banks, achieving a key milestone: securing liquidity without the need for a sovereign guarantee.

The success of this highly complex financial operation is rooted in ProInversión’s technical leadership during negotiations with international banks; this ensured favorable terms and ultimately secured the disbursement that now guarantees the operational continuity of the company's functional units. The measures being advanced have the backing of the General Shareholders' Meeting—comprising the MEF and the MINEM—and are being implemented as part of a comprehensive strategy aimed at restoring installed capacity and generating long-term value.

The strategic importance of ProInversión also lies in its robust fiduciary role, which facilitated the closing of the financing by providing full certainty to stakeholders and international creditors.

Funds sourced from international banks will not be deposited into the company's general treasury; instead, they will be managed entirely—and under the strict technical supervision of ProInversión—through specialized trusts and segregated accounts, ensuring the capital is allocated exclusively to operations rather than to servicing legacy debt.

As highlighted by Moody's, these controlled funds will help normalize relations with strategic suppliers and increase the availability of raw materials for the Talara Refinery, thereby fostering greater efficiency and profitability in downstream operations.

In this regard, the Chairman of Petroperú’s Board of Directors emphatically noted that the improved credit outlook serves as an objective signal that the measures jointly implemented to strengthen the company's liquidity and sustainability are yielding concrete results.

"We will continue working with absolute discipline and responsibility to strengthen our financial position, ensure operational continuity, and create value for the country, guided by the Board's strategic decisions and the technical safeguards and fiduciary execution provided by the promoting agency," he stated.

Moody's maintained Petroperú’s corporate rating at Caa1, noting that improved liquidity, strong shareholder support, and access to longer-term financing sources could help gradually strengthen the company's credit profile over the next twelve to eighteen months. Furthermore, Moody's clearly anticipates that an enhanced capacity to finance working capital will improve the company's operational performance, directly supporting the generation of positive EBITDA and free cash flow, as well as a progressive recovery of its strategic market share in the fuel sector. Petroperú will continue to execute the actions outlined in its financial and operational strengthening plan—the "Turnaround" plan—with the unwavering goal of guaranteeing national energy security and reinforcing the confidence of all its stakeholders.