Fitch raises Petkim

Fitch Ratings said it upgraded Petkim Petrokimya Holdings AS’ long-term issuer default rating to B+ from B.

“The upgrade reflects our expectations of strong progress on de-leveraging with around $200 million-$300 million debt repayment in 2021, followed by payment of an $240 million instalment for STAR refinery in 2022. All this should result in funds from operations (FFO) net leverage being sustainably below 3x through to 2024, despite expected material reduction in earnings in 2022,” the agency said in a press release.

The upcoming $240 million payment is the last of three for the refinery.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.