Moody's Investors Service, ("Moody's") has today assigned a B1 corporate family rating (CFR) and B1-PD probability of default rating (PDR) to Petkim Petrokimya Holding A.S. (Petkim), the sole petrochemical producer in Turkey, APA-Economics reports.
Concurrently, Moody's assigned a B1 senior unsecured rating to Petkim's proposed $500 million bond issuance. The outlook on the ratings is stable.
"Petkim's B1 rating balances the company's strong market position in Turkey and currently healthy credit metrics against the increase in leverage and weaker liquidity following the expected purchase of a minority stake in STAR refinery through a mix of new debt and existing cash balances," says Rehan Akbar, a Moody's Vice President -- Senior Analyst.
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