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BULLETIN: Novatek Ratings Unaffected As Gazprom Agrees To Acquire Stake Jun 06
Standard & Poors, June 2006
Abstract
STOCKHOLM (Standard & Poor's) June 27, 2006--Standard & Poor's Ratings Services said today that its ratings and outlook on Russia-based natural gas producer OAO NOVATEK (Novatek; BB-/Stable/--) are unaffected by the announcement that OAO Gazprom (BB+/Positive/--) will acquire up to 19.9% of the company. Overall, however, we view this change in ownership as positive for Novatek's rating, as it extends the cooperation between the two companies. It might also reduce the fundamental risk for Novatek to access UGSS, Gazprom's wholly owned gas transportation system, or result in a higher share of Novatek's gas being sold to Gazprom. Standard & Poor's would, however, need to monitor the cooperation over an extended period before an outlook revision or positive rating action could...
Companies mentioned in this report are: OAO NOVATEK,OAO Gazprom
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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