23.11.2012 09:22
Bewerten
 (0)

Rosneft International Finance Limited -- Moody's assigns (P)Baa1 rating to Rosneft's notes

Maintains Baa1 issuer rating on review for downgrade

London, 23 November 2012 -- Moody's Investors Service has today assigned a provisional (P)Baa1 rating to the proposed $10.0 billion medium-term note (MTN) programme of OJSC Oil Company Rosneft (Rosneft). Rosneft's Baa1 issuer ratings remain on review for downgrade.

Under the programme, Rosneft International Finance Limited (the Issuer), an orphan special purpose vehicle (SPV) incorporated in Ireland, will issue loan participation notes (LPN) for the sole purpose of financing loans to Rosneft. Each loan will rank pari passu with other outstanding unsecured obligations of Rosneft. The investors' interests will be secured by the underlying loan agreements between the Issuer and Rosneft, and a trustee agreement between the Issuer and the Deutsche Trustee Company outlining the mechanism of recourse to the beneficiary of the notes, Rosneft, in the event of default of the Issuer. The investors will benefit from certain covenants in the loan agreements including a negative pledge and restrictions on mergers and disposals.

RATINGS RATIONALE

The (P)Baa1 rating assigned to the proposed MTN programme is in line with the company's Baa1 issuer rating, which reflects the combination of the following inputs: (1) a baseline credit assessment (BCA) -- which measures the company's fundamental credit strength, excluding any government support -- of baa3; (2) the Baa1 local-currency rating of the Russian government; (3) Moody's assessment that there is "high" default dependence between Rosneft and the Russian government; and (4) the rating agency's view that Rosneft would benefit from "high" government support in the event of need.

The programme forms part of the financing package to be arranged by Rosneft to fund its acquisition of 100% of TNK-BP International Ltd. (TNK-BP, Baa2 review for downgrade) from BP p.l.c. (BP, A2 stable) and Alfa-Access-Renova consortium. Moody's understands that Rosneft will finance the required $45.1 billion of cash consideration with existing cash balances, including at TNK-BP, borrowings from Russian and international banks, and debt issuances in Russia and internationally (including the notes under the rated MTN programme) over the course of the next six months.

Moody's placed the ratings of Rosneft on review for downgrade on 24 October 2012 following the company's announcement of its acquisition of TNK-BP. The placement on review reflects Moody's expectation that the company's financial metrics will weaken following putting in place of the financing mechanism for the acquisition. Moody's expects Rosneft's consolidated leverage, measured by debt/EBITDA, to exceed 2.0x, which would weaken the company's financial profile compared with its considerably lower leveraged Russian and global peers in the event of a deterioration in the oil price environment. Part of the financing is likely to be of semi-permanent nature and assumes refinancing in the short term. In Moody's view, this would create higher-than-average oil and gas sector liquidity risks for Rosneft, particularly during periods of volatility in the capital markets and given the increased vulnerability of the global banking system.

In addition, Moody's notes substantial execution and integration risks pertaining to a transaction of such magnitude.

On the positive side, Moody's notes that the merger with TNK-BP will create the largest publically traded oil and gas company in the world, with daily production of 4.6 million barrels of oil equivalent (boe) and proved reserves of 37.2 billion barrels of oil equivalent under PRMS standards. The consolidated entity will have the largest refining capacity in Europe, of approximately 2.0 million barrels per day, and will have the largest retail network of filling stations in Russia ( 2,592 stations).

Moody's expects that an increase in BP's participation in Rosneft's capital to approximately 20%, to be achieved as part of the deal with BP, will facilitate cooperation between the two companies. Moody's believes that the introduction of BP as a strategic partner may have longer term benefits for Rosneft, including in the field of technology, corporate governance, safety and efficiency of operations. It is also consistent with the government's strategy of reducing state interest in the industry and provides for a sustainable ownership structure. Moody's positively acknowledges high political backing and support that Rosneft and the acquisition transaction receive from the Russian government.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's will aim to resolve the review on Rosneft once the parameters of the transaction, including the perimeter and the timeline of consolidation, structure and terms of financing, as well as its implications for the company's liquidity, become clear.

The likely range of the downgrade would be limited to one notch provided that the financing arrangements to be put in place do not create an overly aggressive liquidity profile. Moody's could lower Rosneft's baseline credit assessment and in turn downgrade its rating, if, but not limited to, (1) the company is exposed to increased liquidity risk (with 25%-30% of its debt maturing within the next 12 months and no refinancing options in place); (2) its financial metrics deteriorate beyond Moody's current expectations (debt/EBITDA exceeding 3.5x, retained cash flow (RCF)/debt falling below 20% for a prolonged period of time). Unfavourable market developments would increase the sensitivity of the ratings to any deterioration of the metrics and/or liquidity.

Given the review for downgrade, Moody's does not currently expect upward pressure on Rosneft's ratings. However, Rosneft's ratings would be supported at the current level by (1) a demonstrated sustainable trend towards deleveraging, including via the disposal of select assets under the asset optimisation programme; (2) the company's ability to efficiently integrate new assets and realise operational synergies; (3) the establishment of a long-term debt/capital structure with strong liquidity profile; and (4) extraordinary support extended to the company by the state.

PRINCIPAL METHODOLOGY

The principal methodology used in rating OJSC Oil Company Rosneft and Rosneft International Finance Limited was the Global Integrated Oil & Gas Industry Methodology published in November 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

OJSC Oil Company Rosneft -- in which the Russian state currently holds a 75% share -- is one of Russia's largest integrated oil and gas companies. Under SEC-LOF classifications, Rosneft's proven oil & gas reserves at year-end 2011 amounted to 17.6 billion barrels of oil equivalent (boe), including equity investees' share in proven reserves. Its average consolidated production was 2.38 million boe per day (boepd). In the first nine months of 2012 Rosneft reported revenue of RUR2.23 trillion ($71 billion) and EBITDA of RUR445 billion ($14 billion).

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Julia Pribytkova Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service Limited, Russian Branch 7th floor, Four Winds Plaza21 1st Tverskaya-Yamskaya St.Moscow 125047 RussiaDavid G. Staples MD - Corporate Finance Corporate Finance Group Telephone: 00971 4237 9536 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

Artikel empfehlen?

Nachrichten zu BP plc (British Petrol)

  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • ?
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

RSS Feed

Analysen zu BP plc (British Petrol)

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
12.11.2014BP HoldDeutsche Bank AG
10.11.2014BP NeutralJP Morgan Chase & Co.
03.11.2014BP buyCitigroup Corp.
03.11.2014BP NeutralGoldman Sachs Group Inc.
29.10.2014BP buyCitigroup Corp.
03.11.2014BP buyCitigroup Corp.
29.10.2014BP buyCitigroup Corp.
28.10.2014BP buyS&P Capital IQ
17.10.2014BP buyCitigroup Corp.
02.10.2014BP overweightJP Morgan Chase & Co.
12.11.2014BP HoldDeutsche Bank AG
10.11.2014BP NeutralJP Morgan Chase & Co.
03.11.2014BP NeutralGoldman Sachs Group Inc.
29.10.2014BP NeutralGoldman Sachs Group Inc.
29.10.2014BP NeutralUBS AG
03.07.2014BP UnderweightBarclays Capital
13.01.2014BP verkaufenBarclays Capital
09.12.2013BP verkaufenBarclays Capital
14.10.2013BP verkaufenMorgan Stanley
22.08.2013BP verkaufenBarclays Capital
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für BP plc (British Petrol) nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

Für den Live-Chat können Sie sich mit Ihrem finanzen.net-, Facebook- oder Twitter Account anmelden. Um immer die neusten Beiträge zu sehen, stellen Sie bitte "Neuesten" ein.

Heute im Fokus

DAX schließt über 2 Prozent fester -- Staatsschulden: Ukraine verkauft massenweise Gold -- US-Börsen schließen im Plus -- Chinas Notenbank senkt überraschend Leitzinsen -- Alibaba im Fokus

GDL und Bahn verhandeln weiter. Megafusion in der britischen Versicherungsbranche. Angebot an Hawesko-Aktionäre jetzt offiziell. RBS besteht Stresstest trotz Rechenfehler. Burger King schaltet im Streit um Filialen Gericht ein. Porsche vermietet seine Sportwagen künftig auch. Deutsche-Bank-CFO empfiehlt Alternative zum Sparbuch.
Diese Aktien sind auf den Kauflisten der Experten

Das sind Deutschlands Global Player

träger

Umfrage

Der Gesetzentwurf zur Frauenquote in den Führungsetagen von Unternehmen stößt in der Union auf wachsenden Widerstand. Wie stehen Sie zu diesem Thema?

Anzeige