Fitch: Rompetrol rating, maintained at “B+”, no longer under watch

Fitch Ratings maintained, yesterday, the Rompetrol group’s rating for long-term foreign currency debts at “B+”, following the reduction of short-term risks of a demotion, on account of litigations with the Romanian government. The agency also announced the rating was no longer under watch, a procedure which had negative implications and which had been initiated last September, Mediafax reports. Nevertheless, the Rompetrol rating has a negative outlook.

The measure reflects the reduction of short-term risks of a demotion, resulting from the company’s litigations with the Romanian government, referring to last September’s conversion into shares of EUR 516 M (USD 648 M)-debts of the group’s main subsidy, Rompetrol Rafinare. The Rompetrol group was placed under watch, with negative implications, in anticipation of the negative impact the National Tax Administration Agency (ANAF)’s decision to place a sequestration on some assets of Rompetrol Rafinare might have.

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