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Bond Market News
Tupras Upgraded to BB- by Fitch
July 2, 2024
Turkiye Petrol Rafinerileri AS (Tupras) and its senior unsecured notes were upgraded by a notch to BB- from B+ by Fitch. This comes on back of the strong EBITDA and free cash flow generation of $1.6bn seen by Tupras in 2023. It also reflects the company’s conservative financial profile with a net cash position. As of end-March, Tupras had strong liquidity as evident by its cash balance of around $2.2bn vs reported short-term debt of around $1.7bn, including a $700mn bond due in October 2024. Tupras is rated one notch above Turkey due to its substantial cash balance held offshore that helps in servicing hard currency debts. According to Fitch, Tupras’s business profile also benefits from its leadership position in the Turkish refined product market and its ability to access cheaper, heavier, and sour crudes from several suppliers.
It’s dollar bond 4.5% 2024s traded stable at 99.3, yielding 7.06%
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