Q1 2022 Motor Oil Hellas Corinth Refineries SA Earnings Call Transcript
Ladies and gentlemen, thank you for standing by. I am Poppy, your Chorus Call operator. Welcome and thank you for joining the Motor Oil conference call and live webcast to present and discuss the first-quarter 2022 financial results.
At this time, I would like to turn the conference over to Mr. Tzannetakis Petros, Deputy Managing Director and Chief Financial Officer, and Mary Psyllaki, Investor Relations Officer. Mr. Tzannetakis, you may now proceed.
Hello to all of you. Good evening, good morning, wherever you are. Let's talk about Q1 results and about the current developments in our sector.
Three major events since the last conference call as far as Greek macros are concerned. At the end of April, S&P upgraded Greece's sovereign credit rating by one notch from BB to BB+, despite the Russian invasion in the Ukraine, soaring energy prices, and global inflation. Greece's current S&P rating now stands one notch below investment grade.
In May, the
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