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S&P lifts Rompetrol
Standard & Poor's said it raised the corporate credit rating on the Rompetrol Group NV to B+ from B- and removed the rating from CreditWatch, where it was placed with positive implications on Aug. 28.
The outlook is positive.
The agency noted the upgrade reflects the company's change in ownership, now 75% owned by JSC NC KazMunayGas (BBB-/stable), which in turn is 100% owned by the Republic of Kazahkstan.
S&P said the issuer's standalone credit quality is B- but now factors in two notches for ownership support.
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