Posto questo dispaccio stampa di commento ad un report di Moody's sulle oil & gas russe. Emerge confermato lo strettissimo rapporto fra il rating sovrano ed il rating di queste società, in virtù del loro ruolo essenziale quale fonte di approvvigionamento di risorse fiscali per lo Stato russo.
Se, come più volte detto, ciò costituisce un limite alla eventuale salita dei rating corporate, per altro verso per talune di queste utilities, fra le quali Gazprom, il supporto pubblico è invece elemento di uplift del rating. L'emergere di qualche elemento di stabilizzazione del contesto economico russo potrebbe concorrere anche all'assestamento dei rating sui livelli correnti.
Moody's: Russian integrated oil & gas companies continue to experience rating stability
Moscow, December 15, 2009 -- Russian integrated oil and gas companies have overall experienced stability in their credit ratings despite the unfavourable market environment since the second half of 2008, Moody's Investors Service says in a new Special Comment.
Upgrade potential is currently limited, but improvements in risk factors specific to Russia and in the country's sovereign credit profile could have positive rating implications for these issuers in the longer term.
Moody's rates six integrated oil and gas companies in Russia. Five of the six companies have investment-grade ratings and all the issuers currently have a stable rating outlook. Of this rated universe, Moody's classifies three as government-related issuers -- Gazprom, Rosneft and Tatneft -- whose ratings incorporate a certain level of support from and dependence on the Russian state.
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All of the ratings Moody's assigns to integrated oil and gas companies in Russia are significantly constrained by risk factors relating to the still-evolving Russian operating environment, which is characterised by heavy state involvement and a punitive taxation regime," explains Victoria Maisuradze, a Moody's Vice President/Senior Analyst and author of the report, entitled "Russian Integrated Oil and Gas Companies: 2008-09 Review and 2010 Outlook". In addition, Russia's dependence on oil and gas revenues is likely to continue to constrain corporate rating migration above the level of the sovereign rating.
Nonetheless, despite the impact of the global economic downturn and financial crisis which, for the oil and gas sector, was exacerbated by extreme oil price volatility during Q3 2008-Q2 2009, Moody's ratings of Russian integrated oil and gas issuers have remained almost unchanged during the past 12 months. Only two rating actions were carried out: a downgrade of Gazprom to Baa1/stable from A3/stable in April 2009, and a change in outlook on TNK-BP's rating to stable from developing in October 2009.
"The stability of ratings partly reflects the fact that the sector's cyclicality is already incorporated into the ratings given that Moody's rates 'through the cycle'," Ms Maisuradze explains. "However, it also reflects the issuers' financial robustness and good access to funding, which helped them to withstand the highly unfavourable market environment." More recent improvements in the market environment have also eased concerns regarding potential downward rating migration.
However, Moody's cautions that the financial profiles of some of the issuers could be strained by significant acquisitions and/or refinancing or other liquidity issues. If these issues are not adequately and timely addressed, pressure could be placed on the ratings.
The principal methodologies used in rating Russian integrated oil & gas companies are "Global Integrated Oil & Gas" and "Global Independent Exploration and Production (E&P) Industry", which can be found at
OpenDNS in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory on Moody's website.
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