S&P upgrades Rosneft's outlook to positive over acquisitions

Standard & Poor's on Tuesday upgraded the outlook for Russia's state-controlled crude producer Rosneft to positive over the company's recent acquisitions and confirmed its corporate long-term credit rating at BB+.
The international rating agency said it had upgraded Rosneft's outlook after the crude producer acquired oil producing and refining assets in the Volga area, Eastern Siberia and other regions at auctions for the asset sale of now bankrupt oil company Yukos.
Standard & Poor's said these acquisitions had considerably strengthened Rosneft's business. Yukos, once Russia's largest oil company, was declared bankrupt August 1, 2006, after three years of litigation with tax authorities over tax arrears. Its founder, Mikhail Khodorkovsky, is serving an eight-year prison sentence in Siberia for fraud and tax evasion. (en.rian.ru)
ADVERTISEMENT
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.