Fitch downgrades Rompetrol's rating to 'B'

Fitch Ratings has downgraded The Rompetrol Group's long-term foreign currency issuer default rating to 'B' from 'B+' with negative outlook, due to weaker-than-expected funds from operations, insufficient to cover its full debt burden .“The funds from operations and EBITDA are expected to remain under pressure in 2009 and 2010 due to the cyclical downturn in the oil refining sector, which has been exacerbated by a sharp contraction in global demand for refined products”, reads Fitch ...

Developed by Codecraftsman