S&P rates Petrol Ofisi

Standard & Poor's said it assigned its B long-term corporate credit rating to Turkey-based oil products distributor Petrol Ofisi AS. The outlook is stable.

"The rating on Petrol Ofisi reflects the company's significant exposure to the volatile macroeconomic environment in Turkey," said S&P credit analyst Per Karlsson. The rating is also constrained by the lack of meaningful geographic diversification, uncertain market conditions after planned industry deregulation, and the large amount of debt falling due in 2004 and 2005.

"The ratings are supported by the company's position as Turkey's leading oil products distributor, supported by an advantageous logistics network and a strong market share of contracted dealer-operated fuel retail sites," Karlsson said.

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