S&P upgraded MOL’s credit rating to BB+ – Hungary, 20 July 2016

Rating company Standard & Poor’s has upgraded the long-term corporate credit rating for Hungarian oil and gas company MOL from BB to BB+ with stable outlook.
The statement following the upgrade said that it primary reflects the expectations that MOL’s credit metrics will be stronger than anticipated due to the better performance of downstream division. S&P sees MOL’s funds from operation (FFO) to debt exceeding 45 % on average and expects that the refining business will create resilient cash flows, although the 30 % industry-wide decline in refining margins is expected in 2016.

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