Petroplus Is Cut by S&P as Reports Tout BP, Socar as Saviors
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Petroplus Holdings AG, the Swiss refiner fighting to avoid bankruptcy, had its rating cut again by Standard & Poor’s after the suspension of credit lines forced it to scale back operations.
S&P lowered Petroplus’s long-term rating by three levels to CC from CCC+, the ratings service said today in a statement. BP Plc may try to help the refiner, and Socar Trading Co., a unit of Azerbaijan’s state-backed energy company, is interested in buying one of its plants, according to media reports.