S&P ups Gazprom Neft outlook to stable

Standard & Poor's said it revised its outlook on JSC Gazprom Neft to stable from negative.

The BBB- long-term corporate credit rating was affirmed, the agency added.

"The outlook revision reflects its view that Gazprom Neft achieved healthy free operating cash flows in the first half of 2010 that should enable it to maintain comfortable credit ratios for the rating," said credit analyst Elena Anankina.

"What's more, the agency said it considers that Gazprom Neft's liquidity has improved due to the five-year $1.5 billion pre-export financing arranged in August 2010 and due to strengthened cash flows, supported by tighter capital spending and recovered oil prices."

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