Fitch revises OMV outlook to negative

Fitch Ratings said it revised OMV AG's outlook to negative from stable and affirmed the company's long-term issuer default rating and senior unsecured rating at A-.

The revision of the outlook reflects an increase in OMV's funds from operations-adjusted net leverage above Fitch’s 2x sensitivity for a negative rating action in the medium-term, driven by the sizeable debt-funded acquisition of a stake in Borealis AG amid lower commodity prices, worsening hydrocarbons demand and OPEC's failure to agree to production cuts, said the agency.

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