Energy

Fitch revises up Turkey’s oil refinery Tupras to stable

The global rating agency Fitch Ratings revised Turkiye Petrol Rafinerileri A.S.'s (Tupras) outlook from negative to stable, Tupras announced on Wednesday.

The company said that Fitch also affirmed Tupras' long-term local and foreign currency issuer default ratings at 'BBB-' and its national long-term rating at 'AA+'.

Tupras' $700 million bonds due in 2018 have been affirmed at 'BBB-'.

"The outlook stabilization reflects Tupras' stronger operations, better operating cash flows and our view that the company will maintain leverage broadly within our guidance on low capex intensity, albeit with high dividends," said Fitch ratings and added, "Turkish demand for refined oil products, in particular diesel fuel, remains strong and continues to grow. The political and economic situation in Turkey has stabilized and should not have a significant impact on Tupras."

By Murat Temizer

energy@aa.com.tr


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