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Bond Market News
Pampa Energia Upgraded to B by Fitch
March 4, 2026
Pampa Energia was upgraded by a notch to B from B- by Fitch. The upgrade reflects Pampa’s growing business diversification toward oil and gas (O&G), which reduces reliance on Argentina’s electricity market operator CAMMESA and increases hard-currency cash flow through crude exports. Fitch expects the O&G segment to account for about 60% of EBITDA by 2026, up from roughly 40% over the past four years, driven mainly by increased shale oil production. Fitch expects Pampa to maintain a conservative financial profile, supported by increasing export revenues, strong liquidity and low leverage. Gross leverage is projected to remain around or below 2x, while EBITDA interest coverage is expected to average about 5x from 2026–28. Free cash flow is expected to remain negative during 2026–27, averaging about -$237mn, as the company executes a $2.4bn capex program, largely focused on developing the Rincón de Aranda shale oil project.
Its dollar bonds traded marginally higher. For instance its 7.875% 2034s were up by 0.1 points to 101.8, yielding 7.58%
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