Moody’s revises Tupras to positive

Moody's Investors Service said it changed the outlook on Turkiye Petrol Rafinerileri AS (Tupras) to positive from stable and affirmed the Ba1 corporate family rating, Ba1-PD probability of default rating and the Ba1 senior unsecured notes rating.

Moody's said the outlook change reflects the company's improving financial performance following the completion of its Residual Upgrade Program (RUP) in May 2015 and as a result of healthy refining margins since 2015.

The rating is constrained for now at the Ba1 positive level given the Ba1 negative rating of the government of Turkey.

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