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Bond Market News
Pampa Energia Upgraded to B+ by Fitch
May 14, 2026
Pampa Energia was upgraded by a notch to B+ from B by Fitch. The upgrade follows Argentina’s recent upgrade to B-, which has improved Pampa’s operating environment, alongside the company’s strengthening hard-currency profile. Fitch projects that Pampa’s offshore cash and export receipts will cover hard-currency debt service at more than 1.5x over the next three years. A key driver of the improved outlook is the rapid growth of Pampa’s oil and gas segment, which is expected to represent roughly 60% of total EBITDA by end-2026, up from an average of 40% over the prior four years. This shift is largely fueled by shale oil production growth at the Rincon de Aranda field. Total consolidated EBITDA is projected at ~$1.2bn in FY2026 and $1.4bn in FY2027, with total production expected to average around 112,600 boed. On the balance sheet, Pampa is expected to maintain a strong capital structure with gross leverage at or below 2.5x through 2026–29 and EBITDA interest coverage above 6.0x. However, free cash flow is projected to be negative in 2026–27, as the company executes a roughly $2.4bn capex plan focused on the Rincon de Aranda oil field development.
Its 7.95% 2031s traded stable at 105.3, yielding 6.6%.
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