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Research Update: Russian Gas Producer OAO NOVATEK 'BBB-' Rating Placed On Watch Negative On Possible Acquisition Of SeverEnergia Stake Oct 10
Description:
Abstract
We understand that Russia-based gas producer OAO NOVATEK intends to acquire a 51% stake in SeverEnergia, a gas, oil, and condensate greenfield upstream asset, from OAO Gazprom. The company plans to acquire the asset through its 50/50 joint venture with JSC Gazprom Neft. We understand that OAO Gazprom recently paid $1.6 billion for the 51% stake in the asset, so we expect NOVATEK's share of the acquisition cost to be at least $800 million. We are placing our 'BBB-' long-term rating on NOVATEK on CreditWatch with negative implications. The CreditWatch placement reflects our view that the ratings on NOVATEK could be lowered if the transaction goes ahead. On Oct. 28, 2010, Standard & Poor's Ratings Services placed its 'BBB-' long-term...
Companies mentioned in this report are:
- OAO NOVATEK
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
We understand that Russia-based gas producer OAO NOVATEK intends to acquire a 51% stake in SeverEnergia, a gas, oil, and condensate greenfield upstream asset, from OAO Gazprom. The company plans to acquire the asset through its 50/50 joint venture with JSC Gazprom Neft. We understand that OAO Gazprom recently paid $1.6 billion for the 51% stake in the asset, so we expect NOVATEK's share of the acquisition cost to be at least $800 million. We are placing our 'BBB-' long-term rating on NOVATEK on CreditWatch with negative implications. The CreditWatch placement reflects our view that the ratings on NOVATEK could be lowered if the transaction goes ahead. On Oct. 28, 2010, Standard & Poor's Ratings Services placed its 'BBB-' long-term...
Companies mentioned in this report are:
- OAO NOVATEK
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Companies Mentioned
- OAO NOVATEK
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Research Update: Russian Gas Producer OAO NOVATEK 'BBB-' Rating Placed On Watch Negative On Possible Acquisition Of SeverEnergia Stake Oct 10
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