S&P rates Rompetrol, bond

Standard & Poor's said it assigned its B- long-term corporate credit rating to The Rompetrol Group NV. S&P also assigned its B- senior unsecured debt rating to the proposed €150 million bond to be issued by Rompetrol under the guarantees of all its key subsidiaries.

The outlook is stable.

"The ratings are constrained by Rompetrol's weak financial profile, asset concentration and aggressive financial policy," said S&P credit analyst Elena Anankina.

These factors are tempered, however, by the favorable location of Rompetrol's key Petromidia refinery close to the Black Sea, which improves the logistics of crude supply and product export and by the ability of this reasonably complex refinery to process cheaper Urals crude into a light product mix, according to S&P.

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