Fitch cuts Petkim, rates debt B-

Fitch Ratings said it downgraded Petkim Petrokimya Holdings AS’ long-term foreign-currency issuer default rating to B- from B.

The outlook is stable.

Fitch assigned a new B-/RR4 senior unsecured debt instrument rating.

The agency said the downgrade reflects deterioration in credit metrics due to a decline in petrochemical margins, expectations of subdued recovery in earning and high EBITDA net leverage forecast consistently above 3.5x through to 2026. The downgrade also considers deterioration in FCF generation impacted by weaker profits and higher interest costs.

© 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.