S&P ups Petrol Ofisi view to positive

Standard & Poor's said it revised its outlook on Turkey-based petroleum products distributor Petrol Ofisi AS to positive from stable and affirmed the B long-term corporate credit rating on Petrol Ofisi.

The outlook revision reflects Petrol Ofisi's improved cash flow generation during the second and third quarters of 2004, which has resulted in improved credit protection ratios, the agency said. The outlook change also reflects the deregulation of the Turkish petroleum products market at the end of 2004, which has provided scope for margin increases for the distribution of refined oil products.

S&P said the rating on Petrol Ofisi continues to reflect the company's vulnerable liquidity position, the exposure to Turkey, and the short-term contracts supply business.

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