S&P trims Alliance Oil to B-

Standard & Poor's said it lowered its long-term corporate credit rating on Alliance Oil Co. to B- from B and lowered the Russia national scale rating on the company to ruBBB from ruA-.

At the same time, S&P lowered the issue rating on the company's senior unsecured debt to B- from B. The 4 recovery rating on this debt remains unchanged.

S&P said it also changed the CreditWatch implications for the issue, issuer, and Russia national scale ratings to negative from developing. S&P had originally placed these ratings on CreditWatch developing on Nov. 6.

S&P said the downgrade reflects its expectation of a significant increase in Alliance Oil's leverage (debt to EBITDA) and its potentially more aggressive financial policy.

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