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Fitch affirms Petrol Ofisi
Fitch Ratings said it affirmed Petrol Ofisi AS's long-term foreign- and local-currency issuer default ratings at BB-.
The outlook is stable.
The action reflects the company's leading market position in the Turkish fuel distribution market, leading position in fuel storage and healthy funds from operations and profit margins, which have proved relatively resilient to the economic recession, Fitch said.
The ratings are constrained by the company's high exposure to foreign-currency risk, given its short position in the U.S. dollar and lack of vertical integration, the agency said.
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