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C.A.T. oil AG Jun 11
Standard & Poors, June 2011
Abstract
Low financial leverage. Significant financial flexibility due to low operating leverage. Likely return to positive free operating cash flow in 2012, after current expansion capital spending is completed. Conservative financial policy. Strong niche position in hydrofracturing and sidetracking. The oilfield services industry's cyclicality and dependence on the capital spending of oil and gas companies. Small size in a fragmented and competitive industry with limited barriers to entry. Limited geographic and business diversity. Limited bargaining power with major customers. Risks inherent from operating in Russia. The ratings on C.A.T. oil AG, an Austria-registered oilfield services (OFS) company that conducts all of its operations in Russia and Kazakhstan, reflect the intrinsic cyclicality and competitiveness of the OFS industry, which limit barriers to...
Companies mentioned in this report are: C.A.T. oil AG
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
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