Petrol AD http://www.alacrastore.com/company-snapshot/Petrol_AD-3770056 Friday, September 05, 2008 5:48:37 AM 3770056 Petrol AD en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/398346_report_framefitch/398346_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BP plcConocoPhillipsENI SpAExxon Mobil CorporationJSC NC KazMunaiGazLukoil OAOOAO GazpromPetrol ADPetrol Ofisi A.S.PKN ORLEN SARepsol YPF S.A.Rompetrol Group N.V.Rosneft OJSCRoyal Dutch Shell PLCTatneft OAOTNK-BP International LimitedTotal SATurkish Petroleum Refineries Corp.(TUPRAS)Valero Energy Corporation8008977380090098800907838009087880090918800909218009214580360394803606048036143980417179805128068053873480702399808912598116723581208235824867148307432683396462853654738/27/2008 10:15:00 AM01000000010200000103000001031000275Special Report0120275PETBPCOPENIGAZPLKOHPKNPTOFSRDSAREPROSNTATNTUPRSVLOXOM398346_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/393012_report_framefitch/393012_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Petrol AD833964627/15/2008 10:13:00 AM010000000103100001030000165Credit Update5PET393012_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/425759_pr_framefitch/425759_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Lukoil OAOPetrol AD83074326833964627/9/2008 2:18:00 PM01000000010300000103100085Press Release5PETLKOH425759_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/450581bir/450581normPetrol ADBulgariaWholesale: Retail and wholesale of oil and non-oil products5171517255414247104247204471109GJPET6/20/2008 6:49:50 AM450581Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/653106spcred/653106normThe latest Summary from S&Pglobal6/10/2008 10:25:08 AM175Summary653106BulgariaAutomotive RetailEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergySummaryThe ratings on Bulgaria-based petroleum product distributor Petrol AD are constrained by the group's highly leveraged financial profile, narrow business and geographic focus, and weak corporate governance. They benefit from the group's position as a leading petroleum product distributor in Bulgaria, supported by an advantageous logistics network. Petrol recently agreed to sell 75 petrol stations and a fuel storage facility to Lukoil Bulgaria. We view the transaction as positive, as Lukoil Bulgaria has agreed as part of the transaction to drop a legal action against Petrol in which it sought Bulgarian lev (BGN) 89.5 million. Petrol is expected to receive a total of €240 million (BGN460 million) in respect of the transaction including a payment of BGN109.6 million (€56 million)BGR25504050 255040 2550 25Petrol AD401263EMERGINGEUROMIDAFRPET@BUSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/641351spcred/641351normThe latest News from S&P4/7/2008 3:47:24 PMNews100global641351BulgariaAutomotive RetailEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergyNewsSTOCKHOLM (Standard&Poor's) April 7, 2008--Standard&Poor's Ratings Services said today that its ratings on Bulgaria-based Petrol AD (CCC+/Negative/--) are unchanged following an announcement that the company has agreed to sell a number of its petrol stations to LUKoil Bulgaria. Permission from the competition authority is still pending. In addition to a resulting material cash inflow, with assets sold at market value, the transaction should be positive in that it should end the claim LUKoil has filed against Petrol of, in total, Bulgarian lev (BGN) 89.5 million (in relation to a disputed retail fuel supply agreement). Uncertainty remains, however, as to how Petrol will use the proceeds it receives from the sale, and how Petrol's market position andBGR25504050 255040 2550 25Petrol AD401263EMERGINGEUROMIDAFRPET@BUNEWSGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/362812_report_framefitch/362812_report_framepdfOXY80089308Rosneft OJSCENI SpA80702979BG Energy Holdings Limited81505576PKN ORLEN SAXOM80090918National Iranian Oil CompanyENIDevon Energy Corporation8009175380417179AKVERTUPRSROSN800917638009146580090099ConocoPhillipsGAZPTurkish Petroleum Refineries Corp.(TUPRAS)Special ReportHAL8009076280702399PTOFS80089773Transocean Inc.LKOH83396462808912592508036060480091351MRO81632462Petrol ADAnadarko Petroleum CorporationHalliburton CompanySIISmith International, Inc.Citgo Petroleum CorporationTesoro CorporationRompetrol Group N.V.84148869PKN82056460TSOExxon Mobil Corporation80088967070400008053873482486714Apache CorporationBPTatneft OAOTengizchevroil Finance Company S.ar.l80090783RDSACVXNoble Drilling (Nederland) B.V.80909031Total SA80090100CHK80090098NJSC Naftogaz of UkraineMarathon Oil Corporation01000000812082358036039401031000Pride International, Inc.PXD80091180Sunoco Inc.Pioneer Natural Resources CompanySUN830743260700000001030000Nabors Industries IncPDECOPTATNTNK-BP International Limited80092145Hess Corp80090562010400008009069780090921Chesapeake Energy Corporation12/18/2007 10:14:00 AMValero Energy CorporationHES83969307VLOFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.JSC NC KazMunyjGazOAO GazpromAker Kvaerner ASARepsol YPF S.A.01020000BP plc80090711APA80503795APCDVNChevron CorpOccidental Petroleum CorporationLukoil OAOPETREPRoyal Dutch Shell PLCPetrol Ofisi A.S.8009177080512806RIG81167235NFX853654730120278009087881184252Newfield Exploration Company80092352362812_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/616345spcred/616345normThe latest Full Report from S&P11/30/2007 10:47:09 AMFull Report400global616345BulgariaAutomotive RetailEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergyFull ReportControl of most of Bulgaria's storage capacity Good competitive position Poor record of corporate governance Low liquidity and high short-term debt Highly leveraged financial profile Legal dispute with key supplier The ratings on Bulgaria-based petroleum product distributor Petrol AD (Petrol) are constrained by the group's highly leveraged financial profile, narrow business and geographical focus, and weak corporate governance. They are further constrained by strong competition and a dispute over a retail supply agreement with its main supplier. The ratings benefit from the group's position as a leading petroleum product distributor in Bulgaria, supported by an advantageous logistics network. With 491 retail stations, Petrol controls 21% of the Bulgarian petroleum product retail market. The industry is competitive, with low margins, and,BGR25504050 255040 2550 25Petrol AD401263EMERGINGEUROMIDAFRFULLGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616346spcred/616346normThe latest Summary from S&P11/30/2007 10:47:09 AMSummary175global616346BulgariaAutomotive RetailEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergySummaryThe ratings on Bulgaria-based petroleum product distributor Petrol AD (Petrol) are constrained by the group's highly leveraged financial profile, narrow business and geographical focus, and weak corporate governance. They are further constrained by strong competition and a dispute over a retail supply agreement with its main supplier. The ratings benefit from the group's position as a leading petroleum product distributor in Bulgaria, supported by an advantageous logistics network. With 491 retail stations, Petrol controls 21% of the Bulgarian petroleum product retail market. The industry is competitive, with low margins, and, in contrast with its largest competitors, Petrol lacks both integration with refining assets and geographic diversification. Petrol has an extensive wholesale operation, but as a result of a new pricingBGR25504050 255040 2550 25Petrol AD401263EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/352662_report_framefitch/352662_report_framepdfBP plcChina Petroleum & Chemical CorporationCitgo Petroleum CorporationConocoPhillipsCPC Corporation, TaiwanExxon Mobil CorporationHovensa L.L.C.Indian Oil Corporation Ltd.JSC NC KazMunyjGazLukoil OAOMarathon Oil CorporationNippon Oil CorporationPetrol ADPetrol Ofisi A.S.PKN ORLEN SAReliance Industries Ltd.Repsol YPF S.A.Rompetrol Group N.V.Rosneft OJSCRoyal Dutch Shell PLCSK Energy Co., Ltd.Sunoco Inc.Tesco plcTurkish Petroleum Refineries Corp.(TUPRAS)Valero Energy Corporation8008930880089773800900988009076280090783800911898009175380092145803599698036060480362354804171798051280680538734805961928060501180680757808912598116723581208235822136338248671483074326833964628399146584498469853654738542787311/9/2007 2:13:00 PM010300000103030001030301010310000700000007020000250Criteria Report0967705001500325530965BPCOPLKOHMROPETPKNPTOFSRDSAREPROSNSUNTSCOTUPRSVLOXOMFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.352662_report_frameCredit & Investment ResearchFitch Research