S&P changes Nostrum Oil view

S&P said it revised the outlook on Nostrum Oil and Gas plc to negative from stable and affirmed the B long-term corporate credit rating and long-term issue ratings on its senior unsecured notes, issued by Zhaikmunai LLP and Nostrum Oil & Gas Finance BV.

The instruments are guaranteed by all the group's entities.

“The outlook revision reflects our concerns regarding potential budget overruns or further delays in completing Nostrum's major investment project,” the agency said in a news release.

As a result, S&P revised down its base case to incorporate lower production volumes in 2017-2018 compared to previous expectations.

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