S&P affirms Neftepolis

Standard & Poor's said it affirmed its B- long-term counterparty credit, insurer financial strength ratings and its ruBBB- Russia national scale rating on Neftepolis Insurance Co. LLC.

The outlook on the long-term counterparty credit and insurer financial strength ratings is developing.

The resolution of the CreditWatch placement of Neftepolis follows resolution of the CreditWatch status of its ultimate parent, Russian state-owned oil company OJSC Oil Co. Rosneft (B-/developing/--), on Thursday.

The resolution of Rosneft's CreditWatch placement reflects S&P's view that Rosneft has reduced its potential immediate liquidity claims as a result of the willingness of international banks - holders of $1.9 billion of the company's long-term loans - to provide waivers and has achieved a temporary solution with holders of a further $1.1 billion of guarantees. Moreover, $2 billion from a new long-term loan is available to the company to refinance the bulk of its scheduled short-term maturities.

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