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Research Update: Romanian Natural Gas Transmission System Co. Transgaz 'BB+/BBB-' Foreign/Local Currency Ratings Affirmed; Outlook Stable
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
In our view, Romania's state-owned natural gas transmission system operator Transgaz should be able to absorb the financial and potential liquidity implications of an extraordinary one-off increase in its dividend payout, which the central government has mandated in its fiscal consolidation strategy. Due to continuing uncertainties about the Nabucco pipeline project, we do not factor its financial impact--apart from Transgaz's committed equity contribution--into our assessment of Transgaz's stand-alone credit profile. Despite the Romanian government's plan to sell a 15% stake in Transgaz, we continue to view the link between the government and Transgaz as "strong," assuming the state maintains effective control. The outlook is stable, reflecting that on Romania. On May 5, 2011, Standard & Poor's Ratings Services affirmed its...
Companies mentioned in this report are: S.N.T.G.N. Transgaz S.A. Medias
S.N.T.G.N. Transgaz S.A. Medias