Moody’s trims Petkim

Moody's Investors Service said it downgraded Petkim Petrokimya Holding AS’s corporate family rating to B2 from B1 and the probability of default rating to B2-PD from B1-PD.

The agency also cut the rating on Petkim’s $500 million bond due in January 2023 to B2 from B1.

“The downgrade of Petkim’s ratings to B2 reflects the exposure of the company to a vulnerable Turkish banking system through the material short-term debt in its capital structure. Moody’s views the weakening credit quality of Turkey-based financial institutions to have elevated the credit and liquidity risks for Petkim,” said Moody’s in a press release.

The outlook is negative.

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