Fitch ups Petkim national rating to AA-(tur)

Fitch Ratings said it upgraded Turkey-based Petkim Petrokimya Holding AS's national rating to AA-(tur) from A+(tur) and affirmed its BB senior unsecured local currency rating. The outlook on these ratings is stable.

The agency also changed the outlook on the company's BB- senior unsecured foreign currency rating to positive from stable to be in line with the outlook on the Republic of Turkey's long-term foreign currency rating.

Fitch said the national rating upgrade is a reflection of its revised assessment of Petkim's credit quality relative to similarly-rated entities in Turkey. The affirmation of the senior unsecured local currency rating is based on the significant rebound in sales and profitability in the third quarter of 2005, as well as the company's intact net cash position.

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