S&P cuts Rompetrol outlook to negative

Standard & Poor's said it revised its outlook on The Rompetrol Group NV to negative from stable.

At the same time, S&P said it affirmed its B- long-term corporate credit rating on Rompetrol.

The outlook revision follows a re-assessment of the company's liquidity position, in light of poor cash flow generation in 2006, the agency added, noting that Rompetrol's liquidity position is vulnerable, as the company is reliant on short-term debt.

According to S&P, the rating on Rompetrol remains negatively affected by uncertainty stemming from an ongoing investigation by the general prosecutor into individuals in connection with insider trading, fulfillment of investment commitments and compliance with bidding procedures.

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