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
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. SHOW LESS READ MORE >