Fitch rates Petkim senior unsecured A+(tur)

Fitch Ratings said it assigned Petkim Petrokimya Holdings AS's senior unsecured foreign currency BB- and local currency BB ratings.

A national senior unsecured A+(tur) rating is also assigned. The outlook is stable.

Fitch said the ratings are supported by Petkim's strong balance-sheet structure, where equity accounts for 83% of total assets and the group only has an insignificant amount of debt at end-2004 and a strong cash-based liquidity cushion.

Petkim's strong market share in thermoplastics in the fast-growing Turkish market, as well as a diverse customer base where no single customer accounts for more than 10% of total business volume, further support the ratings, according to Fitch.

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