S&P affirms Novatek

Standard & Poor's said it affirmed the BBB- long-term corporate credit rating and ruAA+ Russia national scale rating on OAO Novatek.

The outlook is stable.

The action reflects an assessment that Novatek's credit metrics will stay within parameters for the current rating after its $1.375 billion acquisition of a 49% stake in ZAO Nortgas, S&P said, despite the fact that there is very little headroom compared with rating benchmarks.

The acquisition will improve Novatek's business through higher reserves and production, the agency said.

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