MOSCOW, March 2, 2004 (RIA Novosti) - The international rating agency Standard & Poor's has left the rating of the YUKOS oil company, which is at the BB- level now, on CreditWatch with negative implications, says the agency's press release.
The rating of the Siberian oil company Sibneft, which is at the B+ level now, is left on CreditWatch with developing implications, following the arbitration court's verdict to recognize the issue of YUKOS shares as invalid. As a result, the former Sibneft shareholders can get back 57.5% of the YUKOS' 92 percent stake in Sibneft (this decision can be appealed).
What is meant is a stake involved in the share exchange deal between YUKOS and Sibneft's former main shareholders. This deal was finalized in October 2003 and actually reversed by the court's verdict, the press release says.
