22 April 2004 02:25
Moody`s assigns B1 rating to Lukoil subsidiary in U.S.
WASHINGTON. April 22 (Interfax) - Moody's Investors Service has assigned a B1 rating to the proposed $345
million secured bank loan of Getty Petroleum Marketing Inc., a subsidiary of Russia's Lukoil; the agency said in a
press release. The rating outlook is stable.
The following ratings are assigned (subject to review of final documentation): - $75 million secured Revolving Credit
Facility (2008) at B1, - $270 million secured Term Loan (2010) at B1, - Senior Implied Rating at B1, and the - Unsecured
Issuer Rating at B2, the press release said.
The ratings reflect the high degree of financial leverage, the intense competition among a wide variety of
independent and oil-company affiliated gasoline retailers, and the thin gross margins associated with gasoline
distribution.
Getty will operate or license about 2100 gas stations in the Northeastern U.S. under the Getty, Lukoil, and Mobil
trade names.
However, the ratings acknowledge the company's established market position as a leading gasoline retailer in the
Northeastern U.S.
Moody's has already assigned Lukoil a company rating of Ba2, with stable outlook, and an issuer rating of Ba3.
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