Issuer Ranking: EMEA Oil And Gas, Strongest To Weakest Feb 11

Standard & Poors, February 2011

Abstract
Despite relatively high and rising oil prices and sound operating cash flows in 2010, Standard & Poor's Ratings Services sees mixed prospects for the credit quality of rated oil and gas companies in Europe, the Middle East, and Africa (EMEA). This is reflected in the outlook distribution for these companies: 28% have a negative outlook, 60% have a stable outlook, and the remaining 12% have a positive outlook or are on CreditWatch with positive implications. In 2010, we downgraded seven of our 31 publicly rated EMEA oil and gas companies, including BP PLC (A/Negative/A-1), which was downgraded twice. We upgraded four rated groups, two of these following successful bond issues. The latter two upgrades were on newly rated entities, of...

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.

- BP PLC
- Statoil ASA
- Royal Dutch Shell PLC
- Repsol S.A.
- Stena AB
- Petroleum Geo-Services ASA
- LUKoil OAO
- Gazprom OAO
- Eni SpA
- Total S.A.
- BG Energy Holdings Ltd.
- Compagnie Generale de Geophysique - Veritas
- Sasol Ltd.
- Oil Company Rosneft OJSC
- TNK-BP International Ltd.
- OAO AK Transneft
- Gazprom Neft JSC
- MOL Hungarian Oil and Gas PLC
- The Rompetrol Group N.V.
- OJSC AK Transnefteproduct
- OAO NOVATEK
- Alliance Oil Co. Ltd.
- MB Holding Co. LLC
- KazMunayGas NC JSC
- Petroplus Holdings AG
- C.A.T. oil AG
- Abbot Group Ltd.
- Expro Holdings U.K. 3 Ltd.
- Songa Offshore SE
- Zhaikmunai L.P.
- Afren PLC

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