DGAP-News: Petro Welt Technologies AG / Key word(s): Rating
Vienna, May 31, 2019 - Moody's Investors Service (Moody's) confirmed its Ba3 corporate family rating (CFR) with stable outlook for Petro Welt Technologies AG in its annual update.
According to Moody's summary, Petro Welt Technologies AG's Ba3 rating reflects the proven resilience of demand for oil field services (OFS) in Russia as well as the Company's strong market position in its niche segments, and its sound liquidity profile provides the company with sufficient flexibility to weather risks related to difficult market conditions. Overall, Moody's expects Petro Welt Technologies AG to maintain its adjusted debt/EBITDA below 2.0x on a sustainable basis. The rating also factors in the company's continuous adherence to its historically conservative financial policy and prudent approach to development strategy.
Yet, the rating also incorporates the inherent volatility of the OFS industry and its dependence on potential changes in oil and gas market conditions, including the oil price environment, which still involves a high degree of uncertainty over its future development. The rating is also constrained by the Company's small size compared with its global peers, its highly concentrated customer base, the intensifying pricing pressure from its customers, the Company's lack of horizontal drilling service offering and the exposure to Russia's less-developed regulatory, political and legal framework.
The stable rating outlook reflects Moody's expectation that Petro Welt Technologies AG will continue to demonstrate healthy operating and financial results and maintain a strong liquidity profile and conservative financial policy, with adjusted debt/EBITDA below 2.0x.
31.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Petro Welt Technologies AG|
|Kärntner Ring 11-13|
|Phone:||+43 1 535 23 20 - 0|
|Fax:||+43 1 535 23 20 - 20|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||817853|
|End of News||DGAP News Service|