...- Prio S.A. is demonstrating solid operating performance with the consolidation of Albacora Leste and its drilling campaign at Frade. We now expect stronger production of 100,000 barrels/day in 2023 and 120,000 barrels/day in 2024, which, combined with sustained high oil prices, should enable the company to maintain low leverage absent any large acquisition. - These strengths are partly offset by the company's smaller scale and lower diversification than higher-rated global peers. - On Oct. 17, 2023, we affirmed our '##-' long-term issuer credit rating on Prio. We also affirmed our '##' issue-level rating on Prio's senior secured notes, with a recovery rating of '2', and our 'brAA+' rating on the senior unsecured debentures with a '3' recovery rating. - The outlook remains stable, incorporating our view that Prio will continue strengthening operations with rising production and cash flows, balanced with its lower business diversification than higher-rated peers....
