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Bond Market News
Tupras Upgraded to B+ by Fitch
October 13, 2023
Turkiye Petrol Rafinerileri A.S.’s (Tupras) and its senior unsecured debt rating were upgraded by a notch to B+ from B by Fitch. The upgrade reflects the improving credit profile of Tupras and its record in maintaining cash in its offshore UK subsidiary. Tupras continues to have exceptionally high refining margins in line with its European peers, but its maintenance capex of ~$200mn per year, continues to be lower. Fitch estimates Tupras will continue to maintain strong financial profile with its EBITDA net leverage reaching below 1x in 2023-2026.
Tupras’s 4.5% 2024s traded at 97.13 cents on the dollar, yielding 7.53%.
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