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Industry Report Card: European Oil And Gas Mar 06
Standard & Poors, March 2006
Abstract
The 2005 preliminary financial results of Europe's oil and gas companies have been without surprises: Results were solid and financial flexibility ample. We took several positive rating actions in 2005, including the upgrade of European refiner Preem to 'BB-' (Preem Holdings AB, BB-/Stable/--), and various upgrades and outlook revisions to positive on the Russian majors (TNK-BP Ltd., BB/Stable/B; LUKoil OAO, BB/Positive/--; and OAO Gazprom, BB+/Positive/--). No exploration and production (E&P) or vertically integrated majors were upgraded, and the ratings on Royal Dutch Shell PLC (AA/Stable/A-1+) were lowered in February 2005 for the second time in less than a year, owing to reserve revisions. The short answer is that ratings on Western oil and gas companies are more likely to enjoy...
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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