Rus News Journal

S &P has left ratings of YUKOS and Sibneft in list CreditWatch

the International rating agency Standard &Poor `s declared today the decision to leave a rating of Open Society NK the YUKOS which is at level VV, in list CreditWatch with the negative forecast in connection with messages on uncertainty in the course of merge to Open Society the Siberian oil company ( Sibneft ) Informs S &P. A rating Sibneft being at level In +, it is left in list CreditWatch with the developing forecast.
position of ratings in lists CreditWatch on - former reflects political risks and threats to management and corporate governance NK YUKOS and Sibneft : as an illustration the difficulties which have unexpectedly arisen in can serve it would seem to already closed transaction on association of the companies - Elena Anankina has noted credit analyst Standard &Poor`s.
This decision also reflects concern Standard &Poor`s concerning insufficient protection of the property rights and uncertainty of performance of contracts in the Russian Federation (a rating under obligations in national currency: BB +/ stable / In; under obligations in foreign currency: VV/ stable /). According to rating agency, in Russia the political and legal environment, and also corporate governance practice remain opaque and difficultly predicted. Legislation application in the Russian Federation can have selective character, and still formed systems of corporate governance pass severe check on stability in relation to opportunistic actions and political pressure - experts S &P mark.
the Exception of ratings NK YUKOS and Sibneft from list CreditWatch will demand an estimation of, whether will be high for today of operational and financial indicators enough to compensate the risks connected with actions of state structures, management and two joint-stock groups NK YUKOS, - E.Anankina has added. - if these risks will pose serious threat for operations or finance NK the YUKOS, ratings NK YUKOS can be lowered more than on one step .
If association with Sibneft it will be finished, a rating Sibneft the YUKOS will start with rating NK (the name is planned to change on JUkosSibneft ) And positions of creditors Sibneft concerning creditors of the parent company, it is told in the agency message.
meanwhile the operating director for multinational corporation manufacture - BP Victor Vekselberg considers that a suspension of merge of YUKOS and Sibneft will not render essential influence on other oil companies.
acting today on a press - conferences in Moscow, he has noticed that as a whole it, to put it mildly, not the best example of corporate practice . V.Vekselberg also has underlined that does not possess the full information on this point in question and consequently cannot give more developed comment.
we will remind that about transaction stay on merge of the companies YUKOS and Sibneft it has been declared on November, 28th. As it was specified in the message Sibneft the transaction stops under the mutual arrangement reached by the basic shareholders of both companies.