Fitch keeps Petkim on negative watch

Fitch Ratings said it is keeping Petkim Petrokimya Holdings AS's long-term local- and foreign-currency issuer default ratings of BB and national long-term rating of AA(tur) on Rating Watch negative.

The watch will be resolved following a decision regarding the privatization process of 51% of Petkim and when Fitch obtains sufficient information to assess the impact of the potential privatization on Petkim's credit profile. The ratings were placed on watch in July after the Turkish Privatization Administration announced the potential privatization.

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