Analyst Research

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Provider: Wright Reports
$75.00
Provider: Reuters Investment Profile
$20.00
Provider: Reuters Investment Profile
$20.00
Provider: Reuters Investment Profile
$20.00

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S&P affirms Novatek OAO rating, outlook stable


Thursday, 27 Mar 2014 09:06am EDT 

Novatek OAO:Standard & Poor's Ratings Services (S&P) has affirmed BBB- long-term corporate credit rating and ruAA+ Russia national scale rating on Novatek.The outlook is stable.The rating affirmation follows the announcement on March 20 by the Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury, that it has added one of Novatek's key shareholders, Timchenko, to the list of "Specially Designated Nationals" (SDN) who are now subject to U.S. sanctions.S&P understands that these sanctions were brought about as a result of the current political crisis in Ukraine.S&P understands from Novatek that Timchenko's direct and indirect ownership stake in Novatek totals 23.49 percent.S&P understands that as Timchenko's shareholding is significantly less than 50 percent, Novatek is not subject to U.S. sanctions.At present, S&P understand from management that operations have not been affected, and S&P has not materially changed the assumptions in base-case forecasts for the company or assessment of its liquidity position.The stable outlook reflects S&P view that Novatek will continue to benefit from growing production and the group's competitive cost structure, and will minimize any further upward revisions in its investment program. 

Company Quote

406.23
-5.68 -1.38%
7:41am EDT