S&P raises Novatek

Standard & Poor's said it raised its long-term corporate credit rating on OAO Novatek to BB+ from BB.

The outlook is stable.

At the same time, the Russia national-scale rating on Novatek was raised to ruAA+ from ruAA, the agency said, adding that the upgrade reflects Novatek's very healthy credit metrics, despite ongoing large growth-oriented capital expenditures and its high profitability, supported by the improving fundamentals of Russia's gas industry, a profitable condensate business and efficient low-cost operations.

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