S&P cuts Petrol AD outlook to negative

Standard & Poor's said it revised its outlook on Petrol AD to negative from stable.

The outlook revision reflects the recent deterioration of Petrol's relationship with its main supplier of products, LUKoil OAO (BB+/positive), the agency noted.

At the same time, S&P said it affirmed its B- corporate credit and senior unsecured debt ratings on Petrol.

Petrol is involved in a dispute with LUKoil concerning a retail fuel supply agreement, S&P said, adding that this dispute was recently escalated by LUKoil into the Bulgarian courts.

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