- Language: English
- Published: April 2014
Research Update: Russian Steel Pipe Maker OAO TMK Outlook Revised To Negative; National Scale Rating Cut To 'ruA' Mar 09
- ID: 1857034
- March 2009
- Region: Russia
- Standard & Poors
On March 2, 2009, Standard & Poor's Ratings Services revised its outlook on Russia-based steel pipe producer OAO TMK to negative from stable on weakening pipe demand amid the global economic slowdown. At the same time, we affirmed the 'B+' long-term corporate credit rating and lowered the Russia national scale rating to 'ruA' from 'ruA+'. The outlook revision reflects our view that demand for oil country tubular goods (OCTG) and industrial pipes is deteriorating in Russia and globally, which will limit deleveraging opportunities for the company in 2009, and that TMK will continue to face liquidity pressures. Following the precipitous decline in hydrocarbon prices in the second half of 2008 and material deterioration in the financial market environment, oil &...
Companies mentioned in this report are: OAO TMK,Gazprombank,JSC VTB Bank,Evraz Group S.A.,TMK Capital S.A.
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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OAO TMK,Gazprombank,JSC VTB Bank,Evraz Group S.A.,TMK Capital S.A.