S&P lifts Novatek

Standard & Poor's said it raised the long-term corporate credit rating on OAO Novatek to BB from BB- following a review of the company's first-half 2007 performance.

The outlook is positive.

The Russia national scale rating was raised to ruAA from ruAA-.

The rating reflects Novatek's strong financial metrics, with no net debt and strong profitability, and the gradually improving fundamentals of the Russian gas industry, according to the agency.

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