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Russian Oil Companies' Credit More Stable Upon Recent Rating Actions Apr 03 Product Image

Russian Oil Companies' Credit More Stable Upon Recent Rating Actions Apr 03

  • Published: April 2003
  • Standard & Poors

Abstract
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, READ MORE >

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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