S&P upgrades LUKoil on good cash flow in 2007

27 May 2008 14:23  [Source: ICIS news]

LONDON (ICIS news)--Standard & Poor’s (S&P) has upgraded its outlook for LUKoil after the Russian oil and gas major reported strong cash flow generation for 2007, the ratings agency said on Tuesday.

S&P said LUKoil’s cash flow is set to grow significantly on production growth in the next two years, especially in new regions such as Timan Pechora, in western Russia.

The company was also expected to benefit from high global oil and gas prices and strongly improved refining and marketing profits in Russia.

S&P upgraded its outlook on LUKoil to ‘positive’ from ‘stable’ and affirmed a ‘BBB-’ long-term corporate credit rating.

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By: Mark Watts
+44 20 8652 3214

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