S&P might upgrade DEA Group

S&P said it placed its BB- ratings on DEA Group (L1E Finance GmbH & Co. KG) and Deutsche Erdoel AG on CreditWatch with positive implications.

The agency also put the BB- issue rating on the €400 million senior unsecured notes due 2022 issued by DEA Finance SA and guaranteed by DEA Group on CreditWatch positive.

LetterOne announced it signed a letter of intent with BASF to combine the parties' oil and gas business.

S&P said it understands that the newly formed company, Wintershall DEA, would likely have a stronger business risk profile thanks to a markedly higher production profile and reserve base and a better geographic footprint.

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