Standard ratings Services same nowadays that it had placed its ‘BBB-’ nondepository {financial institution} financial strength and counterparty credit ratings and ‘ruAAA’ Russia national scale ratings on CJSC Insurance Co. TRANSNEFT (IC TRANSNEFT) on CreditWatch with negative implications.
The CreditWatch placement follows the announcement of IC TRANSNEFT’s final parent, OAO Alaska Transneft (Transneft), that it plans to sell its ninety eight.9% stake in IC Transneft.
The ratings on IC TRANSNEFT still mirror our assessment of its complete characteristics and incorporate one-notch uplift to mirror support from Transneft. we have a tendency to area unit maintaining the one notch of support despite the disposal set up, given the established and current sturdy business ties between IC TRANSNEFT and Transneft; all company risks of Transneft area unit insured with IC TRANSNEFT and that we believe the parent has incentive to supply continuing support throughout the sales method. we have a tendency to conjointly note that the sales method is in a very preliminary stage and also the main terms of the sale and whether or not can|it'll} proceed will doubtless not be glorious before the fourth quarter of 2013.
The CreditWatch placement conjointly reflects our restricted info regarding the small print of the dealing at this point and our uncertainty concerning the transaction’s impact on IC TRANSNEFT’s prospective capitalization and competitive position.
We will monitor the developments regarding the sale of IC TRANSNEFT. we have a tendency to expect to resolve the CreditWatch inside consequent two-three months, once we've got a lot of clarity concerning the small print of the dealing, like structure and terms of the deal, potential acquirers, or whether or not the sale of the insurance firm can proceed.
We may affirm or lower the ratings on IC TRANSNEFT following our review. we have a tendency to may take away the one notch of support from Transneft if we have a tendency to thought-about that the disposition of the parent to supply support had reduced. If the dealing is completed, we'd take away the one notch of support as a result of IC TRANSNEFT would now not belong to Transneft.
The ratings can rely on IC TRANSNEFT’s future possession and also the potential implications of the dealing on the company’s complete characteristics, particularly its future capitalization and competitive position.
The CreditWatch placement follows the announcement of IC TRANSNEFT’s final parent, OAO Alaska Transneft (Transneft), that it plans to sell its ninety eight.9% stake in IC Transneft.
The ratings on IC TRANSNEFT still mirror our assessment of its complete characteristics and incorporate one-notch uplift to mirror support from Transneft. we have a tendency to area unit maintaining the one notch of support despite the disposal set up, given the established and current sturdy business ties between IC TRANSNEFT and Transneft; all company risks of Transneft area unit insured with IC TRANSNEFT and that we believe the parent has incentive to supply continuing support throughout the sales method. we have a tendency to conjointly note that the sales method is in a very preliminary stage and also the main terms of the sale and whether or not can|it'll} proceed will doubtless not be glorious before the fourth quarter of 2013.
The CreditWatch placement conjointly reflects our restricted info regarding the small print of the dealing at this point and our uncertainty concerning the transaction’s impact on IC TRANSNEFT’s prospective capitalization and competitive position.
We will monitor the developments regarding the sale of IC TRANSNEFT. we have a tendency to expect to resolve the CreditWatch inside consequent two-three months, once we've got a lot of clarity concerning the small print of the dealing, like structure and terms of the deal, potential acquirers, or whether or not the sale of the insurance firm can proceed.
We may affirm or lower the ratings on IC TRANSNEFT following our review. we have a tendency to may take away the one notch of support from Transneft if we have a tendency to thought-about that the disposition of the parent to supply support had reduced. If the dealing is completed, we'd take away the one notch of support as a result of IC TRANSNEFT would now not belong to Transneft.
The ratings can rely on IC TRANSNEFT’s future possession and also the potential implications of the dealing on the company’s complete characteristics, particularly its future capitalization and competitive position.
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