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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

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

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- OAO NOVATEK

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