Fitch plans to cut Petrol

Fitch Ratings said it considers the recently implemented three-month maturity extension of Petrol AD's €87 million outstanding bonds as a distressed debt exchange.

As a result, the agency said it will likely downgrade the company's long-term issuer default rating to RD (restricted default) from C on Oct. 26, 2011, the original maturity date of the bond.

The senior unsecured rating of its notes is likely to be affirmed at C on the same date, Fitch said.

The agency said it anticipates Petrol's issuer default rating to stay at RD for 14 days and to be raised to the appropriate issuer default rating to reflect the company's future prospects after this period.

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