S&P: Petrol Ofisi on watch

Standard & Poor's said it placed its B+ long-term corporate credit rating on Petrol Ofisi AS on CreditWatch with negative implications.

The agency said that the CreditWatch placement follows the Turkish energy market regulator's decision to fine the company New Turkish lira 498 million for allegedly supplying petroleum products to unlicensed gas stations.

S&P said it expects to resolve the CreditWatch listing once the outcome of the legal appeal by the company is clear, noting that full payment of the fine and a resulting TRY498 million increase in debt could result in the rating being lowered by one notch.

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