S&P ups Petrol Ofisi, unit to B+

Standard & Poor's said it raised its long-term corporate credit rating on Petrol Ofisi AS to B+ from B, reflecting the company's sustained strong performance and improved debt structure. The outlook is stable.

In addition, S&P raised its senior unsecured debt rating on guaranteed related entity PO Oil Financing Ltd. to B+ from B.

S&P said the rating actions reflect the company's improved debt-maturity structure and enhanced cash flow generation in 2004, which was used to reduce debt and improve credit-protection ratios.

Furthermore, S&P said it expects the company to reduce debt further in 2005.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.