Fitch: Petrol outlook stable

Fitch Ratings said it affirmed Petrol AD's long-term issuer default and senior unsecured ratings for its €100 million notes due 2011 at B-.

The outlook for the long-term issuer default rating was changed to stable from negative. The recovery rating is affirmed at RR4.

The change reflects the company's improved liquidity position, lower gross debt, reduced litigation risk and more transparent business relationship with Lukoil Bulgaria, according to the agency.

Ratings reflect the group's below-average business profile due to its small size, exposure to a single country and lack of vertical integration, the agency noted.

Ratings also reflect weak corporate governance, Fitch added.

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