S&P: Neftepolis view developing

Standard & Poor's said it revised its outlook on Russia-based composite insurer OOO Strakhovaya Kompaniya Neftepolis (Neftepolis) to developing from stable.

At the same time, S&P affirmed its B- long-term counterparty credit and insurer financial strength ratings on the company.

"The outlook revision follows the Russian government's announcement of its plan to increase its shareholding in Russia-based gas company OAO Gazprom by contributing the assets of Neftepolis' parent, government-owned oil company OJSC Oil Co. Rosneft," said S&P credit analyst Tatiana Grineva.

The proposal is subject to formal evaluation and regulatory and shareholder approvals. The developing outlook reflects the uncertainty surrounding the future of Neftepolis as a result of this announcement.

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