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S&P puts TMK on positive watch
S&P said it placed the B+ long-term issuer credit and issue ratings on TMK PAO on CreditWatch with positive implications.
TMK has agreed to sell its subsidiary Ipsco Tubulars Inc. to Tenaris SA for $1.21 billion.
S&P said it believes TMK could use a sizable part of proceeds from the transaction to reduce its debt, which could support rapid improvement of credit metrics.
The agency said it aims to resolve the CreditWatch within the next 90 days, once the transaction closes and the use of proceeds is visible.
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