S&P rates Novatek

Standard & Poor's said it assigned its BB- long-term corporate credit rating to OAO Novatek.

The outlook is stable.

At the same time, the agency said an AA-(ru) Russia national-scale rating was assigned to the company.

S&P added that the ratings reflect Novatek's operational dependence on the pipelines of Russian gas supply company OAO Gazprom (BB+/positive) for the transportation of gas.

The ratings also reflect the very low domestic gas price realizations compared with international benchmarks, Novatek's somewhat concentrated reserve base and the company's short track record of consolidated financial reporting, the agency said.

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