Fitch indicates stable outlook for Turkey’s Tupras

04 October 2007 17:03  [Source: ICIS news]

PRAGUE (ICIS news)--Fitch Ratings on Thursday awarded Turkish oil and petrochemicals group Tupras a long-term local currency rating of BBB minus and a long-term foreign currency rating of BB.

 

It added that the outlooks for both ratings were stable.

 

Despite the possibility that two or three new oil/petrochemical rivals may emerge in Ceyhan by 2012-13, Fitch noted Tupras is well positioned to increase its earnings before interest, tax, depreciation and amortization (EBITDA) in the

medium term.

 

Tupras said it had a healthy balance sheet with a net cash position of $145m (€103m) by the end of the first-half of this year, up from $69m at the end of the first-quarter.

 

The net debt to EBITDA ratio of 1x-2x should not be breached if the company maintained its current financial course, added Fitch.

 

($1 = €0.71)

By: Will Conroy
+44 20 8652 3214

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