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OJSC AK Transnefteproduct Jul 10 Product Image

OJSC AK Transnefteproduct Jul 10

  • ID: 1885290
  • July 2010
  • Standard & Poors

Abstract
Potential extraordinary support from OAO AK Transneft. Flexible tariff-setting framework. Favorable market position. High maintenance capital-expenditure requirements. Massive planned investments in the new "South" pipeline, which will lead to high leverage in the medium term. Competition with railways. The rating on Russian oil product pipeline operator OJSC AK Transnefteproduct (TNP) reflects Standard & Poor's Ratings Services' view of a relatively high likelihood of support from its 100% owner OAO AK Transneft (BBB/Stable/--), as well as TNP's stand-alone credit profile (SACP) of 'B+'. Our assessment of the likelihood of support from Transneft is based on the close and increasing integration between the two companies, as well as Transneft's ability to support TNP, witnessed by our investment-grade rating on Transneft. Our current...

Companies mentioned in this report are: OJSC AK Transnefteproduct,OAO AK Transneft,Russian Railways (JSC),TransCapitalInvest 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

Note: Product cover images may vary from those shown

OJSC AK Transnefteproduct,OAO AK Transneft,Russian Railways (JSC),TransCapitalInvest Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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