Administracion Nacional de Combustibles Alcohol y Portland http://www.alacrastore.com/company-snapshot/Administracion_Nacional_de_Combustibles_Alcohol_y_Portland-2540703 Friday, September 05, 2008 11:14:33 AM 2540703 Administracion Nacional de Combustibles Alcohol y Portland en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/660975spcred/660975normThe latest News from S&Pglobal7/22/2008 6:23:00 PM100News660975UruguaySpecialty ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsMetals & MiningGasEnergyNewsBUENOS AIRES (Standard&Poor's) July 22, 2008--Standard&Poor's Ratings Services said today that it raised its long-term corporate credit rating on Uruguay's 100% state-owned fuel company, Administración Nacional de Combustibles Alcohol y Portland (ANCAP), to 'BB-' from 'B+'. The rating action follows the recent upgrade of the Oriental Republic of Uruguay to 'BB-' from 'B+'. The outlook is revised to stable from positive. Uruguay's diminishing economic vulnerabilities and solid commitment to sound macroeconomic policies support the upgrade (form more information please see "Oriental Republic of Uruguay Long-Term Rating Raised To 'BB' From 'B+'; Outlook Stable", published July 22, 2008, on RatingsDirect). The stronger macroeconomic framework should continue positively affecting ANCAP, particularly enhancing its financial flexibility. "The ratings onURY15101050 151010 1510 15Administracion Nacional de Combustibles Alcohol y Portland336835EMERGINGLATAMERICA1007Z@UYNEWSGLOBISSCORPMetalsGasEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660976spcred/660976normThe latest Research Update from S&Pglobal7/22/2008 6:23:00 PM175Research Update660976UruguaySpecialty ChemicalsEmerging MarketsLatin AmericaCorporationsGasMetals & MiningEnergyGlobal IssuersResearch UpdateOn July 22, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Uruguay's 100% state-owned fuel company, Administración Nacional de Combustibles Alcohol y Portland (ANCAP), to 'BB-' from 'B+'. The rating action follows the recent upgrade of the Oriental Republic of Uruguay to 'BB-' from 'B+'. The outlook is revised to stable from positive. Uruguay's diminishing economic vulnerabilities and solid commitment to sound macroeconomic policies support the upgrade (form more information please see "Oriental Republic of Uruguay Long-Term Rating Raised To 'BB' From 'B+'; Outlook Stable", published July 22, 2008, on RatingsDirect). The stronger macroeconomic framework should continue positively affecting ANCAP, particularly enhancing its financial flexibility. The ratings on ANCAP reflect Uruguay's ownership, the risks inherentURY15101050 151010 1510 15Administracion Nacional de Combustibles Alcohol y Portland336835EMERGINGLATAMERICA1007Z@UYRESUPDGLOBISSCORPGasMetalsEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/641431spcred/641431normThe latest Full Report from S&P4/7/2008 3:47:26 PMFull Report400global641431UruguaySpecialty ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsEnergyGasMetals & MiningBuilding MaterialsFull ReportDominant market position in the Uruguayan refining and marketing sector Moderate leverage Single-asset risk Uncertainties regarding market deregulation and the company's ability to operate in a competitive environment Volatile economic environment in Uruguay Standard&Poor's Ratings Services' ratings on Administración Nacional de Combustibles Alcohol y Portland (ANCAP), Uruguay's 100% state-owned fuel company, reflect Uruguay's ownership, the risks inherent in operating as a single-asset refiner, and the potential effects of deregulating the Uruguayan fuels market. The ratings also incorporate our expectations that ANCAP will maintain its dominant market position in Uruguay in the medium term. ANCAP's credit quality remains linked to that of Uruguay because ANCAP is state owned. As of Dec. 31, 2007, (unaudited figures), ANCAP had about $354URY15101050 151010 1510 15Administracion Nacional de Combustibles Alcohol y Portland336835EMERGINGLATAMERICA1007Z@UYFULLARG54149M54149754149N54149P15102010 151020 1510 15Loma Negra C.I.A.S.A.327975EMERGINGLATAMERICA54276ZGLOBISSCORPEnergyGasMetalsBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/641432spcred/641432normThe latest Summary from S&P4/7/2008 3:47:26 PMSummary175global641432UruguaySpecialty ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsGasMetals & MiningBuilding MaterialsEnergySummaryStandard&Poor's Ratings Services' ratings on Administración Nacional de Combustibles Alcohol y Portland (ANCAP), Uruguay's 100% state-owned fuel company, reflect Uruguay's ownership, the risks inherent in operating as a single-asset refiner, and the potential effects of deregulating the Uruguayan fuels market. The ratings also incorporate our expectations that ANCAP will maintain its dominant market position in Uruguay in the medium term. ANCAP's credit quality remains linked to that of Uruguay because ANCAP is state owned. As of Dec. 31, 2007, (unaudited figures), ANCAP had about $354 million in financial debt (including $335 million of long-term supplier financing with PDVSA; Petroleos de Venezuela). The Uruguayan government influences the company significantly, particularly in the budget-approval process, indebtedness authorization, price adjustments, andURY15101050 151010 1510 15Administracion Nacional de Combustibles Alcohol y Portland336835EMERGINGLATAMERICA1007Z@UYSUMMARYARG54149M54149754149N54149P15102010 151020 1510 15Loma Negra C.I.A.S.A.327975LATAMERICAEMERGING54276ZGLOBISSCORPGasMetalsBuildingEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/476520bir/476520normAdministracion Nacional de Combustibles Alcohol y PortlandUruguayManufacturing: Petroleum exploration, transport, refining and sale of petroleum; supply of natural gas; distillation of alcohol and spirit; manufacture of cement291113111381208532413241102111112131113121403273109FJ3/29/2008 6:35:00 AM476520Company Profiles & FinancialsGale Company Profiles