Fitch affirms Petkim Petrokimya

Fitch Ratings said it affirmed Petkim Petrokimya Holdings AS's long-term foreign- and local-currency issuer default ratings at BB-. The agency also said it revised its national long-term rating to A(tur) from AA-(tur).

The outlook is negative.

The revision of its national long-term rating reflects a recalibration of the agency's Turkish national rating scale in December following the sovereign upgrade of Turkey, Fitch said. The action does not reflect any deterioration in the stand-alone credit quality of the company, the agency said.

Despite the improvement in the company's operating and financial profile in 2009 and first quarter of 2010, there is a risk that Petkim may turn into a net debt company on a sustainable basis over the medium-term, Fitch said.

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