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On November 19, 2012 we reported that Pacific Rubiales was buying C&C Energy in an all stock deal. Now in a press release, Fitch reports they rate the deal neutral to positive because “Pacific Rubiales’ production profile will improve through this transaction, as C&C’s lighter crude production will provide Pacific Rubiales with a more favorable diluent source to transport its heavy crude production. Pacific Rubiales estimates that this acquisition will represent savings of approximately USD376 million per year on diluent cost.”