The Joint Trade Union Movement is publicly expressing its concern over the downgrading of Trinidad Petroleum Holdings Limited.
On Thursday the company said it was disappointed at what it described as the unfortunate downgrade to B+ from BB in the latest S&P Global Ratings Action Overview dated February 2nd, 2022.
In a media release, Petroleum Holdings said the report cited two major concerns led to their downgrade action.
It explains namely the tight maturity profile of upcoming debt payments and the administrative default related to the delayed issuance of the company’s consolidated audited financial statements.
The company says it has been proactively working through both issues for quite some time and expect them to be resolved within short order.
Speaking with reporters in San Fernando Friday, at another leg of the My Body, My Choice Campaign, JTUM Head, Ancil Roget, commented on the downgrading of Trinidad Petroleum Holding and reflected on the closure of Petroleum and the implications of such.
Mr Roget said the failure of the company to provided details surrounding its finances since 2019 must be urgently corrected.
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