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S&P revises outlooks on NK Rosneft' OAO, AK Transneft' OAO, NK Lukoil OAO and Gazprom OAO


Wednesday, 26 Mar 2014 10:41am EDT 

NK Rosneft' OAO:Standard & Poor's Ratings Services (S&P) said it revised its outlooks on Russian oil and gas companies NK Rosneft' OAO, AK Transneft' OAO, NK Lukoil OAO, and Gazprom OAO to negative from stable.S&P affirmed BBB/A-2 long- and short-term corporate credit ratings on Gazprom; BBB foreign currency and BBB+ local currency long-term corporate credit ratings on Transneft; BBB long-term corporate credit rating on Rosneft; BBB long-term corporate credit, ruAAA Russia national scale ratings on LUKoil.The outlook revisions follow S&P's recent revision of the outlook on the Russian Federation to negative from stable.In S&P view, the ratings on Gazprom, Rosneft, and Transneft cannot exceed that of their controlling shareholder, the Russian Federation.S&P view them as government-related entities (GREs) and believe that these GREs are key assets for the government in the oil and gas sector.S&P understands that the government actively influences their strategy through board representation, although their day-to-day operations are relatively autonomous.S&P ratings on these GREs factor in some uplift for extraordinary government support that the government would likely provide if needed.The ratings on LUKoil, which is privately owned, are constrained by the long-term sovereign rating.This is because, in S&P view, LUKoil is unlikely to withstand a sovereign default should one occur.