...The ratings reflect Pluspetrol S.A.'s (PPSA) midsized business and adequate financial profile, with expected production of 147,000 boe/d in 2027 and gross leverage below 3.0x. PPSA's Foreign Currency IDR is four notches above Argentina's Country Ceiling (B-) due to projected hard-currency debt service coverage above 1.5x over the next three years, supported by offshore cash and export receipts. A fully available USD500 million subordinated committed credit line from sister company Pluspetrol Resources Corporation S.A. further supports financial flexibility and strengthens PPSA's ability to service hard-currency debt. The facility also underscores the strategic importance of PPSA's assets to the Pluspetrol Group. The Stable Outlook reflects Fitch Ratings' expectation that PPSA will maintain coverage above 1.5x and leverage below 3.0x....
