S&P trims Tengizchevroil

S&P said it trimmed its issuer and senior secured debt ratings for Tengizchevroil LLP to BBB- from BBB.

The agency recently revised its oil and gas industry risk assessment to moderately high from intermediate. Also, it noted Tengizchevroil essentially operates a single field, which bears certain operating risks.

“This was highlighted when TCO had to evacuate more than 20,000 personnel from its Future Growth Project and Wellhead Pressure Management (FGP/WPMP) expansion project in March 2020, due to an outbreak of Covid-19 (operations have returned to normal at the moment). If an outbreak were to happen at the operational facilities, its production could be at risk; however, no disruptions have been recorded to date due to safeguards implemented by TCO,” S&P said.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.