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Issuer Ranking: European Oil And Gas Companies, Strongest To Weakest May 07
Standard & Poors, May 2007
Abstract
The outlook on the credit quality of the European oil and gas sector remains broadly stable thanks to continued highly favorable market conditions (see charts graphs 1 to 3). After a weak start in January and February, OPEC cuts and geopolitical uncertainties have pushed crude oil prices back up to $65 a barrel. Ural differentials, however, appear to have normalized. On the refining front, margin developments are better than expected, with a strong recovery in the first quarter and soaring margins in April thanks to widening gasoline crack spreads. Despite the generally stable outlook (75% of ratings) some positive rating and outlook actions are possible, but will be selective and on a company-specific basis. The positive impact of the favorable...
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.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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