JERUSALEM, May 6 (Reuters) - Standard & Poor’s Maalot lowered the credit rating for Israel’s Oil Refineries to “BBB+” from “A-” with a stable outlook on Sunday, citing expectations of weak financial results.
The Israeli unit of S&P last November had placed Oil Refineries, Israel’s largest refiner, on CreditWatch with negative implications. Oil Refineries has been taken off the list following the ratings cut.
The company moved to a fourth-quarter loss of $78 million against a $24 million profit a year earlier due to reduced refining margins that were partly blamed on the economic downturn and European debt crisis. (Reporting by Steven Scheer)