|
(reuters) --
Fitch Ratings has downgraded Turkey-based petrochemicals producer Petkim
Petrokimya Holdings A.S.'s (Petkim) Long-term foreign and local currency Issuer
Default Ratings (IDRs) to 'B+' from 'BB-'. Fitch has also downgraded Petkim's
National Long-term rating to 'A-(tur)' from 'A+(tur)'.
The rating action
reflects a downgrade of Petkim's standalone IDR to 'B' from 'BB-' and a
simultaneous one notch uplift to 'B+' for support from State Oil Company of the
Azerbaijan Republic (SOCAR; 'BBB-'/Stable), Petkim's main shareholder.
In Fitch's view, Petkim's severe underperformance in Q411 highlights the
company's vulnerability in the face of cyclical downturns and signals a further
weakening in its competitive position, at a time of reduced demand visibility
and increasing price volatility. |
