S&P rates Zhaikmunai notes B

Standard & Poor's said it assigned its B- long-term corporate credit rating to Zhaikmunai LP and placed it on CreditWatch with positive implications. The agency also said it assigned a preliminary B long-term issue rating to Zhaikmunai Finance BV's proposed long-term senior fixed-income notes, guaranteed by Zhaikmunai. The notes were assigned a recovery rating of 3, reflecting an expectation of 50% to 70% recovery for noteholders in the event of a default.

The ratings reflect Zhaikmunai's business risk profile, qualified as vulnerable, and its financial risk profile, which is assessed as highly leveraged, the agency said.

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