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TEXT-Fitch cuts Petkim rating to 'B+'

March 29/2012

(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.
Author:Anna Larionova
Category:General News
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