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Industry Report Card: Which Russian And European Oil & Gas Companies Are On Course For Upgrades In 2008? Jan 08
Standard & Poors, Jan 2008
Abstract
Record oil and rising gas prices continue to underpin a favorable credit outlook for hydrocarbon producers. In turn, further increases in investments by oil and gas companies support a continued favorable margin outlook for service companies in 2008. The picture for refiners is more mixed, with U.S.-based refiners exposed to the sharp drop in gasoline crack-spreads observed since August 2007. European refiners tend to have a higher share of middle distillates and are benefiting from record diesel crack spreads, which is offsetting lower gasoline margins. The majority of Standard & Poor's Ratings Services' 27 public ratings on European and Russian oil and gas companies have stable outlooks, but upside rating potential is positively skewed, with six ratings having positive outlooks...
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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