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Research Update: Ratings On Russian Independent Gas Producer OAO NOVATEK Raised To 'BB+/ruAA+'; Outlook Stable Jul 08

  • ID: 1810823
  • July 2008
  • Region: Russia
  • Standard & Poors
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Abstract
On July 11, 2008, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO NOVATEK, Russia's largest independent natural gas producer, to 'BB+' from 'BB'. The outlook is stable. At the same time, the Russia national scale rating on NOVATEK was raised to 'ruAA+' from 'ruAA'. The upgrade reflects NOVATEK's very healthy credit metrics--despite ongoing large growth-oriented capital expenditures--and its high profitability, supported by the improving fundamentals of Russia's gas industry, a profitable condensate business, and efficient low-cost operations. The upgrade also acknowledges NOVATEK's positive track record of cooperation with state-controlled Russian gas giant OAO Gazprom (BBB/Stable/--). In 2007, NOVATEK's EBITDA was Russian ruble (RUR) 29.96 billion, a high 47% margin on sales (RUR11.1 billion and 52%...

Companies mentioned in this report are:
- OAO NOVATEK

Action: Upgraded

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, READ MORE >

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- OAO NOVATEK

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