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S&P: Neftepolis on watch
Standard & Poor's said it placed its B- long-term counterparty credit and insurer financial strength ratings and its ruBBB- Russia national scale rating on Neftepolis Insurance Co. LLC on CreditWatch negative.
The CreditWatch placement follows the May 18 downgrade of Neftepolis' ultimate parent OJSC Oil Co. Rosneft to B- from B following cancellation of its merger with OAO Gazprom (BB-/stable/--).
S&P said the CreditWatch placement of Neftepolis reflects the CreditWatch status of its parent. It is likely that any downgrade of Rosneft would result in a similar rating action on Neftepolis. Similarly, resolution of the CreditWatch placement of Neftepolis will coincide with the resolution of Rosneft's CreditWatch status.
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