S&P rates Petrol, bond B-

Standard & Poor's said it assigned its B- long-term corporate credit rating to Petrol AD.

The outlook is stable.

At the same time, the agency said it assigned its B- senior unsecured debt rating to Petrol's proposed €100 million bond.

The ratings on Petrol are constrained by the group's highly leveraged financial profile, its narrow business and geographical focus and the group's weak corporate governance, the agency noted, adding that the ratings benefit from the group's position as Bulgaria's leading petroleum products distributor, supported by an advantageous logistics network.

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