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BP on WatchNeg, TNK on WatchPos, Following Announced Merger of Russian Interests Feb 03
Standard & Poors, Feb 2003
Abstract
PARIS (Standard & Poor's) Feb. 11, 2003-Standard & Poor's Rating Services said today that it had taken various ratings actions following an announcement that UK-based oil major BP PLC (BP) and the majority shareholders in TNK International Ltd. (TNK)--Alfa Group and Access-Renova (AAR)--plan to combine their interests in Russia to create the country's third-largest oil and gas business. The 'AA+' long-term corporate credit ratings on BP and related entities were placed on CreditWatch with negative implications. Any potential downgrade would be unlikely to exceed one notch. In addition, all of the 'A-1+' short-term ratings on the BP group were affirmed. At the same time, the 'B+' long-term corporate credit rating on TNK International Ltd., currently Russia's fourth-largest vertically integrated oil...
Companies mentioned in this report are: BP PLC,TNK-BP International Ltd.
Action: Various Rating Actions
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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