Fitch ups Petrol Ofisi to AA-(tur)

Fitch Ratings said it upgraded Petrol Ofisi AS's national long-term rating to AA-(tur) from A+(tur), and affirmed its long-term local- and foreign-currency issuer default ratings at BB-, along with the senior unsecured rating on the $175 million notes of subsidiary PO Oil Financing Ltd. at BB-.

The outlook is stable.

The ratings reflect the company's strong operational and financial performance in 2005-06, marked by its ongoing debt reduction, Fitch said.

The ratings also incorporate the company's free cash flow generating capacity, despite rising capital expenditure requirements, the agency said.

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