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TNK-BP International Ltd. Jul 06 Product Image

TNK-BP International Ltd. Jul 06

  • ID: 1821942
  • July 2006
  • Region: Global
  • Standard & Poors

Abstract
One of the largest, most profitable, vertically integrated Russian oil companies High share of dollar-denominated crude oil and product export revenues Management and operational support from 50% owner BP Strong corporate governance Current substantial financial flexibility, moderate financial policy Country-risk associated with operating in Russia and oil-industry-specific risks 50% foreign ownership, which may limit access to strategy reserves Sustained high Russian cost inflation, which will weaken profitability in a normalized oil price environment Heavy capital expenditure program ahead, resulting in limited free cash flows The ratings on TNK-BP International Ltd. (TNK-BP) reflect its position as one of the largest Russian vertically integrated oil companies. Above-peer profitability underpinned by a high share of dollar-denominated crude and product export revenues, current substantial...

Companies mentioned in this report are: TNK-BP International Ltd.,BP PLC,TNK-BP Ltd.,TNK-BP Finance S.A.
Action: Review

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: Full Analysis

TNK-BP International Ltd.,BP PLC,TNK-BP Ltd.,TNK-BP Finance S.A.

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