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ARCHIVE | Criteria | Corporates | Industrials: Key Credit Factors: Business And Financial Risks In The Oil And Gas Exploration And Production Industry Nov 08
Standard & Poors, Nov 2008
Abstract
Standard & Poor's Ratings Services' analytic framework for industrial companies in all sectors, including the oil and gas exploration and production (E&P) industry, is divided into two major segments: The first part is fundamental business risk analysis. This step forms the basis and provides the industry and business contexts for the second segment of the analysis, an in-depth financial risk analysis of the company. Prior to discussing specific risk factors that we analyze within our methodological framework, it is important to understand how we view the relationship between business and financial risks. Table 1 displays this relationship and its implications for a company's rating. The following chart summarizes the rating process. Business risk is analyzed in four categories: country risk,...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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