S&P boosts Yamal-Nenets

Standard & Poor's said it raised its long-term foreign currency issuer credit rating on the Yamal-Nenets Autonomous Okrug to BB+ from BB- and its Russia national-scale rating to AA+(ru) from AA-(ru).

The outlook is stable.

"The upgrade is based on the okrug's strong liquidity and continued robust financial performance and low debt," said S&P credit analyst Irina Pilman.

The ratings are further supported by strong revenue growth, a track record of a revenue-sharing agreement with the Tyumen Oblast and positive prospects in the strategically important gas sector, the agency added, noting that the ratings on the okrug are constrained by high concentration in the oil and gas sector, exacerbated by the dependence on a single taxpayer OAO Gazprom (BB+/positive), limited revenue predictability in the evolving intergovernmental system and moderate contingent liabilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.