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Industry Report Card: Healthy Profits Should Offset Sizable Capital Expenditures, Smoothing The Way For Russian Oil Producers Jun 10
Standard & Poors, June 2010
Abstract
(Note: This report card covers 12 ratings in the oil and gas sector in two emerging markets, Russia and Kazakhstan. The report mainly focuses on Russian companies, which account for 10 rated entities. Comments on Kazakhstan are included in the issuer review in Table 1.) Russia's vertically integrated oil companies showed resilience in 2009 with an average earnings decrease of only 20% year on year. Standard & Poor's Ratings Services expects the downstream segment to post solid profitability over the next 12 months, partly because of a fiscal regime that favors exports of refined products over that of crude oil. Upstream performance should also slightly improve, in our opinion, owing to higher prevailing oil prices compared with 2009 and increasing...
Companies mentioned in this report are: Russian Federation,LUKoil OAO,OAO Gazprom ,Sasol Ltd.,OJSC Oil Company Rosneft ,TNK-BP International Ltd.,OAO AK Transneft,JSC Gazprom Neft,OJSC AK Transnefteproduct,OAO NOVATEK,JSC KazMunaiGas Exploration Production,Alliance Oil Co. Ltd.,JSC NC KazMunayGas,C.A.T. oil AG
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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