- Language: English
- Published: May 2013
Russian Oil Companies' Credit More Stable Upon Recent Rating Actions Apr 03
- Published: April 2003
- Standard & Poors
In response to renewed market interest in eurobond issuances by Russian oil companies, Standard & Poor's examines in this article the recent rating actions on those corporations and reviews some of the key positive and negative factors that increasingly support or still constrain their credit quality. Standard & Poor's now publicly rates most of the large Russian oil companies, with the exception of OAO Surgutneftegas. The 1998-1999 economic crisis severely tested Russian oil companies' resilience to an extremely challenging environment. Only a few weeks after the August 1998 devaluation of the ruble, Tatneft OAO (Tatneft), one of the two companies then rated by Standard & Poor's, was unable to service its short-term secured bank debt; the subsequent debt restructuring took...
Companies mentioned in this report are: BP PLC,Repsol S.A.,Russian Federation,LUKoil OAO,Tatneft OAO,Eni SpA,Total S.A.,OJSC Oil Co. Rosneft,TNK-BP International Ltd.,OAO AK Transneft,Gazprom Neft JSC,OAO NK Yukos
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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BP PLC,Repsol S.A.,Russian Federation,LUKoil OAO,Tatneft OAO,Eni SpA,Total S.A.,OJSC Oil Co. Rosneft,TNK-BP International Ltd.,OAO AK Transneft,Gazprom Neft JSC,OAO NK Yukos
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