Standard & Poor’s improves The Rompetrol Group rating to “B+”, with a positive outlook

The rating change reflects a recent change in ownership. TRG is now 75 percent owned by JSC NC KazMunaiGas, which in turn is 100 percent owned by the Republic of Kazakhstan. "We continue to estimate TRG's standalone credit quality as 'B-' but are now factoring in two notches for ownership support, using a bottom up approach," said Standard & Poor's credit analyst Per Karlsson, according to the release.

The positive outlook reflects S&P’s expectations that any improvement in TRG's standalone credit quality or stronger parental support could result in an upgrade of one or two notches over the short term.

KazMunaiGas bought 75 percent of The Rompetrol Group on August 27 uttering interest in the Petromidia oil refinery, one of the most important assets of the group.

Source: NewsIn