Slovenia: S&P affirmed Petrol’s BBB long-term and A3 short-term- credit rating with stable outlook

, SEE Energy News

Rating agency Standard & Poor’s (S&P) has affirmed the BBB- long-term and A-3 short-term credit rating of Slovenian energy group Petrol with stable outlook. S&P first assigned Petrol these credit ratings with a stable outlook in June 2014 and has not changed them since then.

Petrol recorded a net profit in the amount of 72.3 million euros in 2020, which is 31 % less compared to the previous year. The group’s sales revenue fell by an annual 30 % to 3.08 billion euros in 2020, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled 166.6 million euros, a 15 % decrease compared to 2019. Petrol recorded an adjusted gross profit of 426.9 million euros in 2020, down 10 % year-on-year, due to a drop in petroleum product sales resulting from movement restrictions introduced by governments and from the economic downturn caused by the pandemic. At the end of 2020, the Petrol Group operated 500 service stations, of which 318 in Slovenia, 110 in Croatia, 42 in Bosnia and Herzegovina, 15 in Serbia and 15 in Montenegro.