|
|
 |
|
Viewing report
|
|
|
|
Research Update: Russian Refined Oil Pipeline Operator Transnefteproduct Upgraded To 'BBB-' On Integration With Parent; Outlook Stable Jul 11
Standard & Poors, July 2011
Abstract
Russian refined oil product pipeline operator Transnefteproduct's finances and operations have been increasingly integrated into its 100% parent Transneft. We understand that Transnefteproduct's finances are now fully managed by Transneft, and no new borrowings at the Transnefteproduct level are planned. The large 'South' project has been delayed, so that major capital expenditures are not planned before 2014 and free operating cash flow is set to remain positive. We are raising our rating on Transnefteproduct to 'BBB-' from 'BB+', one notch below our rating on Transneft and in line with our assessment of Transneft's stand-alone credit quality. The stable outlook reflects our expectation that Transnefteproduct will remain a closely integrated subsidiary of Transneft and that if and when large capital expenditures...
Companies mentioned in this report are: OJSC AK Transnefteproduct,OAO AK Transneft,TransCapitalInvest Ltd.
Action: Outlook: Stable
Action: Upgraded
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.
|
|
|
|
