Moody's: Yukos review uncertain

Moody's Investors Service said it has maintained the B1 senior implied and B2 issuer rating of Yukos Oil Co. while at the same time has changed the review to direction uncertain from a review for a possible downgrade. Moody's does not rate any specific debt in relation to Yukos.

Moody's action follows the announcement that the Russian government has ordered Yukos to pay $3.4 billion in back-dated tax claims for 2000 within the next five days, or allow the government to commence seizing assets to recover the claim.

Moody's noted that recent events clearly signal an acceleration of the process, which commenced in earnest in April following a court ruling freezing the company's assets at the request of the Russian tax authorities, which prompted Moody's to downgrade Yukos' ratings to their current level. Yukos has since lost a court appeal and is required to honor the claim.

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