S&P: Novatek unaffected

Standard & Poor's said its ratings and outlook on OAO Novatek (BB-/stable) are unaffected by the announcement that OAO Gazprom (BB+/positive) will acquire up to 19.9% of the company.

Overall, however, the agency said it views this change in ownership as positive for Novatek's rating, as it extends the cooperation between the two companies.

It might also reduce the fundamental risk for Novatek to access UGSS, Gazprom's wholly owned gas transportation system, or result in a higher share of Novatek's gas being sold to Gazprom, S&P said, adding that it would, however, need to monitor the cooperation over an extended period before an outlook revision or positive rating action could take place.

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