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Borets International Ltd. Aug 11
Standard & Poors, Aug 2011
Abstract
Leading positions in the electrical submersible pumps market with sound growth prospects. Track record of strong cash generation and solid capital structure. Strategic relationship with its minority shareholder, Weatherford International Ltd., and shareholders' support. Relatively small scale, denoting weak business diversity and bargaining power compared with larger exploration and production companies. Capital intensive and competitive industry. Risk inherent in operating in Russia. The rating on the British Virgin Islands-based manufacturer of electrical submersible pumps (ESPs), Borets International Ltd. (BB-/Stable/--) reflects Standard & Poor's Ratings Services' assessment of the company's financial risk profile as significant, while we view Borets' business risk profile as weak. The rating on Borets is constrained by the company's relatively small scale of operations, limited product and...
Companies mentioned in this report are: Borets International Ltd.
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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