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Fitch: Rompetrol on positive watch
Fitch Ratings said it placed The Rompetrol Group NV's long-term issuer default rating on rating watch positive following the announcement that National Co. KazMunaiGaz (BBB/F3, stable outlook) has signed a binding share purchase agreement to acquire a 75% stake in TRG from privately owned Rompetrol Holding SA.
The watch status reflects that, after the close of this acquisition, subject to approval by the European Commission, TRG will be majority-owned by KazMunaiGaz, rather than by a privately-owned holding company, Fitch noted.
Fitch said expects that the arrival of a higher rated strategic investor will lead to some financial restructuring of Rompetrol to improve the group's weak liquidity position and its credit ratios, which have been continuing concerns in Rompetrol's rating.
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