S&P affirms Magyar Olaj- és Gázipari

Standard & Poor's said it affirmed its BBB- long-term corporate credit rating on Magyar Olaj- és Gázipari Rt. (MOL).

At the same time, the rating was removed from CreditWatch with negative implications, where it had been placed on April 28, following MOL's aggressive bid for Udmurtneft, the agency said.

The outlook is negative.

The agency added that the rating continues to reflect MOL's strong position in the Central and Eastern European oil refining market, noting that the business profile benefits from MOL's strategically located and protected high-quality refinery assets.

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