Institutional synergy: Moody’s upgrades Petroperú’s credit outlook to positive thanks to the management of the new board of directors and the structuring led by ProInversión

Lima, September 18, 2026.- The rating agency Moody’s Ratings changed Petroperú’s credit outlook from negative to positive. This strategic decision highlights a tangible improvement in the company’s liquidity position following the recent US$ 475 million bridge disbursement, as well as progress toward structuring a larger-scale disbursement that will strengthen the company’s financial stability. This change in outlook is a highly favorable sign in the process of restoring market confidence in Petroperú and reflects objective recognition of the rigorous disciplinary actions that have been implemented to ensure business continuity and progress toward a sustainable financial structure.

This sustained improvement in Moody’s outlook is not an isolated event, but the direct and verifiable result of a deep institutional synergy. In this context, it is essential to highlight the progress made thanks to the active participation and leadership of Petroperú’s new Board of Directors. From the time of its appointment, the highest corporate governance body was able to move forward quickly with the technical and corporate approval of all the documents and instruments necessary to secure the disbursement of the international funds. This agility and managerial determination showed the markets that the company now has strong governance that is fully aligned with the restructuring, which was extremely important for improving the rating agency’s view of the company’s solvency.

In perfect balance with this internal rigor, ProInversión’s participation in the process of drafting Emergency Decree 003-2026 stands out. This extraordinary regulatory framework has made it possible to structure corporate financing coming directly from international private banks, achieving a fundamental milestone: securing liquidity without the need for a sovereign guarantee.

The success of this highly complex financial operation is based on ProInversión’s technical leadership during the negotiations with international banks, ensuring not only favorable conditions, but ultimately securing the disbursement that now guarantees the operational continuity of the Functional Units. The measures implemented have the support of the General Shareholders’ Meeting, made up of the MEF and MINEM, and are being carried out as part of a comprehensive strategy aimed at recovering installed capacity and generating long-term value.

The strategic importance of ProInversión also lies in its strong fiduciary role, which facilitated the closing of the financing by providing full certainty to stakeholders and international creditors.

The use of funds from international banks will not go into the company’s general fund, but will be managed entirely and under the strict technical supervision of ProInversión through specialized trusts and separate funds, ensuring that the capital is allocated exclusively to the operation and not to old debt.

As Moody’s itself pointed out, these controlled resources will help normalize relations with strategic suppliers and increase the availability of raw materials for the Talara Refinery, fostering higher levels of efficiency and profitability in the Downstream segment.

In this regard, the Chairman of Petroperú’s Board of Directors emphasized that the improved credit outlook is an objective indication that the measures jointly implemented to strengthen the company’s liquidity and sustainability are producing tangible results.

“We will continue to work with absolute discipline and responsibility to strengthen our financial position, ensure the continuity of our operations, and generate value for the country, based on the strategic decisions of the Board of Directors, the technical safeguards, and the fiduciary execution provided by the sponsoring entity,” he stated.

The agency maintained Petroperú’s corporate rating at Caa1, noting that the improvement in liquidity, the strong support of its shareholders, and access to longer-term sources of financing could contribute to gradually strengthening its credit profile over the next twelve to eighteen months. Moody’s also clearly foresees that a greater ability to finance working capital will improve the company’s operating performance, directly favoring the generation of positive EBITDA and free cash flow, as well as a gradual recovery of its strategic share in the fuel market. PETROPERÚ will continue to implement the actions outlined in its Turnaround Financial and Operational Strengthening Plan, with the unwavering goal of ensuring national energy security and reinforcing the confidence of all its stakeholders.