Moody's reviews Petkim for downgrade

Moody's Investors Service said it placed Petkim Petrokimya Holding AS' B2 corporate family rating, B2-PD probability of default rating and the B2 senior unsecured rating on review for downgrade. The outlook changed to ratings under review from negative.

"The placement of Petkim's ratings on review for downgrade reflects the company's refinancing risk ahead of the $500 million notes due in January 2023," said Julien Haddad, a Moody’s vice president, senior analyst, and the local market analyst on Petkim, in a press release.

"While Petkim has been looking at ways to refinance the notes, the company is yet to secure the funding ahead of the maturity," Haddad added.

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