Fitch affirms Tupras

Fitch Ratings said it affirmed Turkiye Petrol Rafinerileri AS's (Tupras) long-term local-currency issuer default rating at BBB-, long-term foreign-currency issuer default rating at BB and national long-term rating at AAA(tur).

The outlook is stable.

Tupras has no bond issues outstanding as of October 2007.

The ratings reflect Tupras's leading position in the Turkish energy sector and its strong balance sheet, despite the acquisition of 40% of OPET Petroleum AS for $380 million in December 2006, supported by refining margins expected to remain above the historical average in the short- to medium-term, the agency said.

Fitch considers it positive that the company has entered the distribution business in pursue of vertical integration, but does not expect any major impact on the financials due to partial consolidation from 2007.

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