Fitch affirms MOL

Fitch Ratings said it affirmed MOL Hungarian Oil and Gas Co. plc's long-term foreign- and local-currency issuer default ratings at BBB- with stable outlooks and its short-term foreign- and local-currency issuer default ratings at F3. It has also affirmed the foreign- and local-currency ratings on MOL's senior debt at BBB-.

The affirmation reflects MOL's improved credit metrics in 2010-2011 in line with the agency's expectations. Following the acquisition of Croatia's INA - Industrija Nafte dd Zagreb in 2008, the company has focused on organic growth, cost reduction and efficiency improvements across the MOL group, Fitch said.

The agency said the stable outlook incorporates MOL's plan to fully finance capex from operating cash flow in 2012-2013, which supports the company's credit profile.

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