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Fitch rates Alliance Oil B
Fitch Ratings said it assigned Alliance Oil Co. Ltd. long-term foreign- and local-currency issuer default ratings of B, short-term foreign- and local-currency issuer default ratings of B and a national long-term rating of BBB(rus).
The outlook is stable.
Alliance Oil's ratings are supported by its upstream operations in the Volga-Urals and Tomsk regions, which have strong growth prospects, as well as the company's expanding production activities in the Timano-Pechora region, the agency said.
Challenges include the company's relatively small market share, high reserve replacement costs, reliance on third-party crude for the refinery, ambitious capital expenditure program and reliance on short-term credit lines from a small number of banks, the agency said.
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