Fitch withdraws ratings as Turkey's Petkim ends participation

07 January 2013 16:34  [Source: ICIS news]

LONDON (ICIS)--Fitch Ratings has withdrawn all its ratings on major Turkish petrochemical producer Petkim, the agency said on Monday.

In a statement, Fitch said: “Fitch has withdrawn the ratings as Petkim has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Petkim.”

On 27 December last year, Fitch Ratings flagged up delays in essential capital expenditure at Petkim, while revising its outlook on the group's long-term foreign and local currency Issuer Default Rating (IDRs) to negative from stable.

It simultaneously reaffirmed Petkim's IDRs at B+.

The controlling shareholder in Petkim is the State Oil Company of the Azerbaijan Republic (SOCAR).

By: Will Conroy
+44 20 8652 3214

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