As the agency says in today's statement, the Sibneft left the CreditWatch, which demands special supervision, as soon as the drowning Yukos ceded back to previous holders a 57.5% Sibneft block.
The Sibneft has become less vulnerable by hazards related to the victimised Yukos now that an initial stage is over to reverse the two petroleum giants' merger, explains the S&P.
The Yukos stays in possession of a 34.5% Sibneft block, as against a previous 92%. The Sibneft regained its block after a Yukos stock emission was invalidated. That is why the Sibneft does not have to make whatever monetary compensations-a lucrative arrangement.
The Sibneft rating stays rather low with vague developments round its Yukos-held 34% block. There are other alarming facts, too-suffice it to mention the Sibneft's aggressive corporate management and finance policies, says Elena Anankina, S&P credit analyst. There are promising factors, as well-the Sibneft remains very profitable, with big money inflows, debts shrinking, and rapidly growing petroleum yields.
The strategies of the Sibneft and its stockholders to regain its 34.5% block remain vague. That is why the company has a limited rating and a forecast of "developing" against a desirable "positive". The block includes 20% shares the Yukos purchased at $3 billion in cash. The problem-obsessed company is litigating with Sibneft holders to obtain the sum.
