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S&P: Rompetrol on positive watch
Standard & Poor's said it placed its long-term B- corporate credit rating on Rompetrol Group NV on CreditWatch with positive implications.
The agency said that the CreditWatch placement follows an announcement that Rompetrol Holding will sell a 75% stake in Rompetrol Group to JSC NC KazMunayGas (BBB-/stable).
The CreditWatch placement reflects the possibility of an upgrade of several notches as S&P said it expects that the change in ownership will provide Rompetrol Group with support from a new stronger majority owner.
The rating on Rompetrol Group, however, remains negatively affected by uncertainty stemming from an ongoing investigation by the Romanian prosecutor into two company officials, S&P added.
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