Petrol AD Ratings Intact on Petrol Stations' Sale Plan to Lukoil Bulgaria – S&P

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Petrol AD Ratings Intact on Petrol Stations' Sale Plan to Lukoil Bulgaria – S&P

Standard & Poor's Ratings Services said its 'CCC+' ratings with a negative outlook on Bulgaria-based Petrol AD are unchanged after an announcement that the company has agreed to sell a number of its petrol stations to Lukoil Bulgaria, the Thomson Financial reports.

Permission from the competition authority is still pending.

Uncertainty remains over how Petrol will use the proceeds it receives from the sale, and how Petrol's market position and relationship with Lukoil will develop after the agreement, the rating agency said.

Key risk factors to be monitored in this respect would be any return of sale proceeds to shareholders and a potential contraction of Petrol's retail market share post-sale, S&P said.

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