Moody’s cuts Petroplus default rating on insolvency announcement

26 January 2012 14:29  [Source: ICIS news]

LONDON (ICIS)--Moody’s has downgraded the probability of default rating (PDR) of Switzerland-based refiner Petroplus, following the company’s announcement that it has filed for insolvency, the ratings firm said on Thursday.

Moody’s downgraded the company’s PDR to "D" from "Caa3", it said.

“The downgrade of the PDR to D reflects the fact that Petroplus Refining &  Marketing Ltd, which owns the Coryton refinery and is a guarantor of the senior notes, applied for and was granted an administration order in the UK,” Moody’s added.

On Wednesday, Petroplus filed for insolvency as it was unable to reach an agreement with its lenders and could not continue to fund its subsidiaries.

Read Paul Hodges’ Chemicals and the Economy Blog

By: Leigh Stringer
+44 208 652 3214

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