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Fitch affirms Rompetrol
Fitch Ratings said it affirmed The Rompetrol Group NV's issuer default rating at B-.
The outlook remains stable.
The agency said the rating is supported by the favorable location and strong operating results of the Dutch group's key refinery in Romania and the group's increased geographical diversification with the acquisition of Dyneff, which generated 15% of the group's EBITDA in the first nine months of 2006.
The rating also reflects the group's high financial leverage (gross debt to EBITDA of 3.7x at Sept. 30), high refinancing risk and aggressive capital expenditure program for 2007 through 2009, Fitch said. Additionally, Rompetrol operates in a highly cyclical refining segment, which is expected to see deterioration in refining margins in the next three years.
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