Panama Petrochem Limited — Credit Ratings, 15-05-2026: Credit Rating

ICRA has reaffirmed Panama Petrochem's ratings for its bank facilities. Fund-based facilities retain [ICRA]A+ (Stable) & non-fund based facilities [ICRA]A1+. The Stable outlook reflects PPL's established track record, diversified product portfolio, strong customer base, and comfortable financials. Volatile base oil prices and geopolitical tensions pose challenges, but conservative hedging and strong coverage support credit stability.