TEXT-S&P summary: OAO NOVATEK
(The following statement was released by the rating agency)
March 30 -
Summary analysis -- OAO NOVATEK ----------------------------------- 30-Mar-2012
CREDIT RATING: BBB-/Stable/-- Country: Russia
Primary SIC: OIL AND GAS
Credit Rating History:
Local currency Foreign currency
23-Jun-2010 BBB-/-- BBB-/--
11-Jul-2008 BB+/-- BB+/--
26-Sep-2007 BB/-- BB/--
The rating on Russia-based gas extraction group OAO NOVATEK reflects what Standard & Poor's Ratings Services views as the group's "satisfactory" business risk profile and "intermediate" financial risk profile.
NOVATEK's key strengths include its position as Russia's largest independent natural gas producer, with a long reserve base, and high profitability demonstrated by robust free operating cash flow (FOCF) generation in recent years. The rating is also supported by NOVATEK's currently robust credit metrics.
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