JSC Gazprom Neft Dec 11
Standard & Poors, December 2011
Abstract
Ongoing and expected extraordinary support from the 96% parent, OAO Gazprom. Robust profitability and credit protection metrics, both currently and under our standardized price assumptions. Our expectation of a moderate financial policy. Stabilized production, comfortable reserve life, and upside potential on new projects. Favorable level of refining margins in Russia. Exposure to the risks of the Russian oil industry, notably a heavy and potentially changing tax burden and foreign exchange risks. Large investment needs. Increasing dependence on joint ventures with only indirect access to cash flows. Smaller size and diversification compared with those of other rated Russian oil companies. The rating on the Russian vertically integrated oil company JSC Gazprom Neft (Gazprom Neft) primarily reflects Standard & Poor's Ratings Services'...
Companies mentioned in this report are:
- Gazprom Neft JSC
- Gazprom OAO
- Gazprombank
- Gaz Capital S.A.
- GPB Eurobond Finance PLC
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
- Gazprom Neft JSC
- Gazprom OAO
- Gazprombank
- Gaz Capital S.A.
- GPB Eurobond Finance PLC
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