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Fitch: Novatek outlook stable
Fitch Ratings said it revised OAO Novatek's long-term rating outlook to stable from negative following a review of the company's financial performance for the 12 months since announcing plans to acquire a 25.5% stake in SeverEnergia and a 51% stake in Sibneftegas.
Novatek's long-term foreign- and local-currency issuer default ratings were affirmed at BBB-, its national long-term rating at AA+(rus), foreign- and local-currency senior unsecured ratings at BBB- and national senior unsecured rating at AA+(rus).
Novatek Finance Ltd.'s senior unsecured rating was affirmed at BBB-.
Fitch said the company's additional borrowings for two debt-financed transactions in 2010 did not materially affect the financial risk profile beyond a level commensurate with the current credit ratings.
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