S&P: Petrol Ofisi remains on watch

Standard & Poor's said it kept its B+ long-term corporate credit rating on Petrol Ofisi AS on CreditWatch with negative implications, where it was placed on Sept. 1.

The rating was placed on CreditWatch following the Turkish energy market regulator's decision to fine the company new Turkish lira 599.4 million for allegedly supplying petroleum products to unlicensed gas stations, the agency said.

S&P noted that the CreditWatch update reflects that Petrol Ofisi is required to pay the fine now, adding that the company is in the process of appealing the decision.

The agency said it expects to resolve the CreditWatch listing once the outcome with respect to the stay of execution is clear.

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