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
- VTB Bank JSC
- Evraz Group S.A.
- TMK Capital S.A.
Action: Outlook: Negative
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Product Type: Research Update
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