MOSCOW, October 25. / ITAR-TASS /. Rating agency Standard &Poor's revised its outlook on the credit rating of "Rosneft" to "positive"Against the planned acquisition of TNK-BP. Reported rating agency.
S &P revised its outlook on the long-term credit rating of BBB-Russian state company, placed in the list CreditWatch, from "negative" to "positive."
The rating action follows the announcement of "Rosneft" for its agreement in principle to acquisition 50-percent stake in TNK-BP, in exchange for 17.1 billion dollars in cash and 12.84-percent stake in the "Rosneft", and a 50-percent stake in TNK-BP, a Russian consortium AAR for $ 28 billion.
"As far as we understand," Rosneft "has the firm intention to acquire 100 per cent stake in TNK-BP. This is different from our previous assumptions that are based on management's approval of an interest in acquiring a 50 percent stake in TNK-BP, which would not allow her fully control and consolidate TNK-BP, "- said the rating agency.
The output ratings of "Rosneft" from CreditWatch will depend on how much, the rating bonus for potential government support outweighs the negative impact of such a significant purchase of assets that could affect the financial leverage and liquidity of the company.
The agency plans to rating "Rosneft" from CreditWatch with "positive" outlook, when it will be clear whether the transaction will take place, and whether it will be completed in full or in part.
International rating scale is the basis for assessment of the relative credit risk of bond issuers are themselves debt around the world.
|Investment category||AAA||Very strong capacity to meet its financial obligations, the highest rating|
|AA||High ability to meet its financial obligations|
|A||Moderately strong capacity to meet its financial obligations, but b? Lshaya sensitivity to adverse economic conditions and other negative changes in the external environment|
|BBB||Enough capacity to meet its financial obligations, but b? Lshaya sensitivity to the effects of adverse economic conditions|
|BBB-||The lowest rating in the category that market participants are referred to as an "investment"|
|Speculative category||BB +||The highest rating in the category that market participants are referred to as "speculative"|
|BB||A relatively small vulnerability in the short term, but greater sensitivity to adverse changes in the business, financial and economic fields|
|B||Greater vulnerability to adverse business, financial and economic conditions, although at present there is the possibility of execution of financial liabilities|
|CCC||High at this time exposure to credit risks, financial obligations can be met in the presence of a favorable business, financial and economic conditions|
|CC||Very high at the moment the exposure to credit risk|
|C||With respect to the issuer's bankruptcy proceedings or similar action, but the payments or financial commitments continue|
|D||Default on financial obligations|
|Rating categories from "AA" to "CCC" may be added "plus" sign (+) or "minus" (-) to indicate the relative differences in the level of credit within the major rating categories.|
CreditWatch (list 'ratings under review ")
Putting the list CreditWatch («ratings for reconsideration") reflects our position on the possible direction of the rating change in the short-term (usually — in the next 90 days).
The CreditWatch placement with a positive outlook means that the rating could be upgraded.
The CreditWatch placement with a negative outlook means that the rating could be downgraded.
The CreditWatch placement with developing implications indicates that the rating may be raised, lowered, or affirmed.
In the CreditWatch list does not include all the analyzed ratings, rating changes may occur without first putting the list CreditWatch.
Excerpted from the website