Fitch affirms Rompetrol

Fitch Ratings said it affirmed The Rompetrol Group NV's B- senior unsecured debt rating and removed it from Rating Watch evolving, where it was placed on Dec. 9 following the company's announcement of its acquisition of Dyneff.

The outlook is stable.

The affirmation reflects Fitch's view that Dyneff acquisition, though primarily debt-funded, will not have a material negative impact on Rompetrol's financial profile. This is because Dyneff is currently an unleveraged company (with net debt/EBITDA of well below 1.0x) and remains fairly small in terms of EBITDA generation compared to the Rompetrol group, the agency said.

Fitch said the Dyneff acquisition may enhance Rompetrol's business profile by providing some geographical diversity to the company's operations, which until recently have been mostly based in Romania, through a controlling stake in Rompetrol Rafinare, the second-largest oil refiner in the country. Exposure to France, a country with a more stable economic, political and legal environment than Romania, may also be seen positively from creditors' viewpoint.

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