Moody's revises Petrol notes

Moody's Investors Service said as part of its loss given default assessment, it further revised the treatment of the unrated ING uncommitted secured trade credit line in Petrol AD's financial structure.

Based on updated information from the company, the financing type of the credit line has been changed from a revolver to an uncommitted credit line, which resulted in a decrease of the amount outstanding in the loss given default model. This in turn had a positive effect on the loss given default rate of Petrol's senior secured 8.375% €100 million notes due October 2011, reducing it from an loss given default point estimate of 75% to 73% (LGD5).

The revision has no impact on the company's B2 ratings and bond rating of B3, the agency said.

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