S&P: Zhaikmunai on positive watch, assigns notes B

Standard & Poor's said it placed its B- long-term corporate credit rating on Zhaikmunai LP on Creditwatch with positive implications.

The agency said it also assigned a preliminary B long-term issue rating to financing vehicle Zhaikmunai Finance BV's proposed long-term senior fixed-income notes, guaranteed by Zhaikmunai, along with a recovery rating of 3.

"The Creditwatch positive status reflects the possibility that we could upgrade Zhaikmunai by one notch if it successfully completes the proposed notes issue under the terms and conditions we have received from the company and it uses the proceeds to repay all existing debt," said credit analyst Lucas Sevenin.

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