London, 22 January 2016 -- Moody's Investors Service (Moody's) placed the ratings of
32 integrated oil, exploration and production (E&P), and
oilfield services companies in the EMEA region on review for downgrade.
A list of the companies and rating actions appears below.
RATINGS RATIONALE
Oil prices have deteriorated substantially in the past few weeks and have
reached nominal price lows not seen in more than a decade. Moody's
has adjusted its view downward for the likely range of prices.
We see a substantial risk that prices may recover much more slowly over
the medium term than many companies expect, as well as a risk that
prices might fall further. Even under a scenario with a modest
recovery from current prices, producing companies and the drillers
and service companies that support them will experience rising financial
stress with much lower cash flows.
Today's review for downgrade considers that much weaker industry
fundamentals have potential to warrant rating changes for all companies
covered in this press release. While this review focuses on companies
rated in the range from A1 to B3, Moody's is also reevaluating
higher and lower rated companies in the context of industry conditions.
The higher rated companies on average are somewhat more resilient to low
oil prices and Moody's has recently downgraded many of the lower
rated companies.
As part of its ongoing assessment of energy markets, Moody's
sharply reduced its oil price assumptions on January 21 in light of continuing
oversupply in the global oil markets and demand growth that remains tepid.
Iran is poised to add more than 500,000 barrels per day to global
supply while OPEC and many non-OPEC oil producers continue to produce
without restraint as they battle for market share. The addition
of Iranian oil to the market this year will offset or exceed expected
declines in US production of about 500,000 barrels per day.
Increased production vastly exceeds growth in oil consumption, given
modest growth in consumption from major consumers such as China,
India and the US. Production now exceeds demand by about 2 million
barrels per day, adding to already high global oil stocks.
Our natural gas and natural gas liquids price assumptions are unchanged.
Natural gas production in the US continues to increase while costs decline
and producers generate cash returns at ever-lower prices,
although in many cases these appear insufficient to service their debt.
Lower oil prices will further weaken cash flows for E&P companies
and the upstream portion of integrated oil and gas companies. This
will cause further deterioration in financial ratios, including
deeper negative free cash flow. Most companies are unable to internally
fund sustaining levels of capital spending at current market prices.
Current industry conditions also reduce the value of assets offered for
sale and have made accessing capital markets more expensive for some companies
and unavailable for others. While integrated oil and gas companies
benefit from the profitability of their downstream operations, the
upstream operations represent a much larger part of the capital employed
and cash flow for most of these companies.
Projected capex reductions by E&P and integrated oil companies will
severely challenge the drilling and oilfield services (OFS) sector beyond
what it had already experienced in 2015. Moody's expects
OFS sector EBITDA to drop by another 25%-30% in 2016,
testing the viability of the capital structures of many of these businesses.
Even if commodity prices recover, OFS companies are unlikely to
gain any pricing power because of the continued excess capacity across
most OFS subsectors. As a result, Moody's expects credit
quality to deteriorate for all OFS players in 2016. Smaller and
more leveraged OFS companies in particular will struggle to comply with
debt agreement covenants, service their debt and access the capital
markets, raising their risk of default. Even large,
diversified investment grade OFS companies will have less financial flexibility
and increasing financial leverage. Drillers with significant contract
expirations will also suffer material credit degradation as contracts
are either not renewed or are renewed at rates that produce far less revenue.
Although all issuers in these sectors have been adversely affected by
declining prices, severity varies substantially by issuer.
Accordingly, the range of possible outcomes upon conclusion of the
review for given issuers varies from possible confirmation of ratings
to multi-notch downgrades. Multi-notch downgrades
are particularly likely among issuers whose activities are centered in
North America, where natural gas prices have declined dramatically
along with oil prices. Moody's expects to conclude a majority
of the reviews by the end of the first quarter.
List of affected ratings:
On Review for Downgrade:
..Issuer: Ithaca Energy Inc.
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B3-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Caa2
..Issuer: EnQuest plc
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B3-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Caa2
..Issuer: Tullow Oil plc
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B2-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B2
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Caa1
..Issuer: Nostrum Oil & Gas Plc
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B2-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B2
..Issuer: Zhaikmunai LLP
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B2
..Issuer: OAO Novatek
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: Novatek Finance Limited
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: RussNeft
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B2-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B2
..Issuer: Borets Finance Limited
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B1
..Issuer: Borets International Ltd
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B1
..Issuer: C.A.T. Oil AG
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba3
..Issuer: IG Seismic Services Plc
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B2-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B2
..Issuer: Neftserviceholding LLC
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B1
..Issuer: KCA Deutag Alpha Ltd
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B3-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B3
....Senior Secured Bank Credit Facility,
Placed on Review for Downgrade, currently B3
..Issuer: Globe Luxembourg SCA
....Senior Secured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B3
..Issuer: KCA DEUTAG UK Finance plc
....BACKED Senior Secured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B3
..Issuer: Petroleum Geo-Services ASA
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B1
....Senior Secured Bank Credit Facility,
Placed on Review for Downgrade, currently B1
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B1
..Issuer: Bibby Offshore Services Plc
....BACKED Senior Secured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B3
..Issuer: Bibby Offshore Holdings Ltd
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B3-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B3
..Issuer: Welltec A/S
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B1
....Senior Secured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B1
..Issuer: Seadrill Partners LLC
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B2-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B2
..Issuer: Seadrill Operating LP
....BACKED Senior Secured Bank Credit Facility,
Placed on Review for Downgrade, currently B2
....BACKED Senior Secured Bank Credit Facility,
Placed on Review for Downgrade, currently Ba2
..Issuer: Shelf Drilling Midco, Ltd.
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B1
....Senior Secured Bank Credit Facility,
Placed on Review for Downgrade, currently B2
..Issuer: Shelf Drilling Holdings, Ltd.
....Senior Secured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B1
..Issuer: Topaz Energy and Marine Limited
.... Probability of Default Rating,
Placed on Review for Downgrade, currently B2-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently B2
..Issuer: Topaz Marine S.A.
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently B3
..Issuer: Gazprom, PJSC
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: Gaz Capital S.A.
....Senior Unsecured Medium-Term Note
Program, Placed on Review for Downgrade, currently (P)Ba1
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: OOO Gazprom Capital
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: Gazprom Neft PJSC
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: GPN Capital S.A.
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)Ba1
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: OJSC Oil Company Rosneft
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: Rosneft Finance S.A.
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)Ba1
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: Rosneft International Finance Limited
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)Ba1
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: Rosneft International Holdings Limited
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: Bashneft
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: KazMunayGas NC JSC
.... Issuer Rating, Placed on Review
for Downgrade, currently Baa3
....Senior Unsecured Medium-Term Note
Program, Placed on Review for Downgrade, currently (P)Baa3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa3
..Issuer: KazMunaiGaz Finance Sub B.V.
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)Baa3
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa3
..Issuer: State Oil Company of the Azerbaijan Republic
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: Tatneft PJSC
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: LUKOIL International Finance B.V.
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
..Issuer: Lukoil, PJSC
.... Probability of Default Rating,
Placed on Review for Downgrade, currently Ba1-PD
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Ba1
..Issuer: BP p.l.c.
.... Issuer Rating, Placed on Review
for Downgrade, currently A2
....BACKED Senior Unsecured Revenue Bonds
supported by BP p.l.c., Placed on Review for
Downgrade, currently A2
....BACKED Senior Unsecured Revenue Bonds
supported by BP p.l.c., Placed on Review for
Downgrade, currently VMIG 1
....BACKED Senior Unsecured Revenue Bonds
supported by BP p.l.c., Placed on Review for
Downgrade, currently P-1
....BACKED Revenue Bonds supported by BP p.l.c.,
Placed on Review for Downgrade, currently A2
....BACKED Revenue Bonds supported by BP p.l.c.,
Placed on Review for Downgrade, currently P-1
..Issuer: Atlantic Richfield Company
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A2
....BACKED Revenue Bonds supported by Atlantic
Richfield Company, Placed on Review for Downgrade, currently
A2
....BACKED Senior Unsecured Revenue Bonds
supported by Atlantic Richfield Company, Placed on Review for Downgrade,
currently A2
....BACKED Senior Unsecured Revenue Bonds
supported by Atlantic Richfield Company, Placed on Review for Downgrade,
currently VMIG 1
....BACKED Senior Unsecured Revenue Bonds
supported by Atlantic Richfield Company, Placed on Review for Downgrade,
currently P-1
..Issuer: BP AMI Leasing, Inc.
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A2
..Issuer: BP Capital Markets America Inc
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A2
..Issuer: BP Capital Markets plc
....BACKED Senior Unsecured Commercial Paper,
Placed on Review for Downgrade, currently P-1
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)A2
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)P-1
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A2
....BACKED Senior Unsecured Shelf, Placed
on Review for Downgrade, currently (P)A2
..Issuer: BP Corporation North America, Inc.
.... Issuer Rating, Placed on Review
for Downgrade, currently Baa1
....BACKED Senior Unsecured Commercial Paper,
Placed on Review for Downgrade, currently P-1
..Issuer: BP Finance Plc
.... Issuer Rating, Placed on Review
for Downgrade, currently A3
..Issuer: Standard Oil Company
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A2
..Issuer: eni finance international SA
....BACKED Senior Unsecured Medium-Term
Note Program Placed on Review for Downgrade, currently (P)A3
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A3
..Issuer: ENI S.p.A.
.... Issuer Rating, Placed on Review
for Downgrade, currently A3
....Senior Unsecured Medium-Term Note
Program (Local Currency), Placed on Review for Downgrade,
currently (P)A3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A3
..Issuer: Eni USA Inc.
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa1
..Issuer: OMV AG
.... Issuer Rating, Placed on Review
for Downgrade, currently A3
.... Issuer Rating, Placed on Review
for Downgrade, currently A3
....Junior Subordinated Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa3
....Senior Unsecured Medium-Term Note
Program, Placed on Review for Downgrade, currently (P)A3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently A3
..Issuer: Repsol S.A.
.... Issuer Rating, Placed on Review
for Downgrade, currently Baa2
..Issuer: Repsol International Finance B.V.
....BACKED Junior Subordinated Regular Bond/Debenture,
Placed on Review for Downgrade, currently Ba1
....BACKED Senior Unsecured Commercial Paper,
Placed on Review for Downgrade, currently P-2
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)P-2
....BACKED Senior Unsecured Medium-Term
Note Program, Placed on Review for Downgrade, currently (P)Baa2
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa2
....BACKED Senior Unsecured Shelf, Placed
on Review for Downgrade, currently (P)Baa2
..Issuer: Talisman Energy Inc.
....Multiple Seniority Shelf, Placed
on Review for Downgrade, currently (P)Baa3
....Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa3
..Issuer: Intergas Central Asia
.... Issuer Rating, Placed on Review
for Downgrade, currently Baa3
..Issuer: Intergas Finance B.V.
....BACKED Senior Unsecured Regular Bond/Debenture,
Placed on Review for Downgrade, currently Baa3
..Issuer: JSC KazTransGas
.... Issuer Rating, Placed on Review
for Downgrade, currently Baa3
..Issuer: JSC KazTransOil
.... Issuer Rating, Placed on Review
for Downgrade, currently Baa3
.... Corporate Family Rating, Placed
on Review for Downgrade, currently Baa3
Affirmations:
..Issuer: eni finance international SA
....BACKED Senior Unsecured Commercial Paper,
Affirmed P-2
..Issuer: Eni Finance USA Inc.
....BACKED Senior Unsecured Commercial Paper,
Affirmed P-2
..Issuer: ENI S.p.A.
....Senior Unsecured Commercial Paper,
Affirmed P-2
Outlook Actions:
..Issuer: Ithaca Energy Inc.
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: EnQuest plc
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Tullow Oil plc
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Nostrum Oil & Gas Plc
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Zhaikmunai LLP
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: OAO Novatek
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Novatek Finance Limited
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: RussNeft
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Borets Finance Limited
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Borets International Ltd
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: C.A.T. Oil AG
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: IG Seismic Services Plc
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Neftserviceholding LLC
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: KCA Deutag Alpha Ltd
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Globe Luxembourg SCA
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: KCA DEUTAG UK Finance plc
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Petroleum Geo-Services ASA
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Bibby Offshore Holdings Ltd
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Bibby Offshore Services Plc
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Welltec A/S
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Seadrill Partners LLC
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Seadrill Operating LP
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Shelf Drilling Midco, Ltd.
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Shelf Drilling Holdings, Ltd.
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Topaz Energy and Marine Limited
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Topaz Marine S.A.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Gazprom, PJSC
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Gaz Capital S.A.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: OOO Gazprom Capital
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Gazprom Neft PJSC
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: GPN Capital S.A.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: OJSC Oil Company Rosneft
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Rosneft Finance S.A.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Rosneft International Finance Limited
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Rosneft International Holdings Limited
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Bashneft
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: KazMunayGas NC JSC
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: KazMunaiGaz Finance Sub B.V.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: State Oil Company of the Azerbaijan Republic
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Tatneft PJSC
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: LUKOIL International Finance B.V.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Lukoil, PJSC
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: BP p.l.c.
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: Atlantic Richfield Company
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: BP AMI Leasing, Inc.
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: BP Capital Markets America Inc
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: BP Capital Markets plc
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: BP Corporation North America, Inc.
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: BP Finance Plc
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: BP Company North America Inc.
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: Standard Oil Company
....Outlook, Changed To Rating Under
Review From Positive
..Issuer: eni finance international SA
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: ENI S.p.A.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Eni USA Inc.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: OMV AG
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Repsol S.A.
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Repsol International Finance B.V.
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Talisman Energy Inc.
....Outlook, Changed To Rating Under
Review From Negative
..Issuer: Intergas Central Asia
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: Intergas Finance B.V.
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: JSC KazTransGas
....Outlook, Changed To Rating Under
Review From Stable
..Issuer: JSC KazTransOil
....Outlook, Changed To Rating Under
Review From Stable
The principal methodology used in rating JSC KazTransOil was Global Midstream
Energy published in December 2010. Other methodologies used include
the Government-Related Issuers methodology published in October
2014.
The principal methodology used in rating JSC KazTransGas, Intergas
Central Asia and Intergas Finance B.V. was Natural Gas Pipelines
published in November 2012. Other methodologies used include the
Government-Related Issuers methodology published in October 2014.
The principal methodology used in rating OJSC Oil Company Rosneft,
Rosneft Finance S.A., Rosneft International Finance
Limited, Rosneft International Holdings Limited, Gazprom,
PJSC, Gaz Capital S.A., OOO Gazprom Capital,
Bashneft, Tatneft PJSC, State Oil Company of the Azerbaijan
Republic, KazMunayGas NC JSC and KazMunaiGaz Finance Sub B.V.
was Global Integrated Oil & Gas Industry published in April 2014.
Other methodologies used include the Government-Related Issuers
methodology published in October 2014.
The principal methodology used in rating BP p.l.c.,
Atlantic Richfield Company, BP AMI Leasing, Inc.,
BP Capital Markets America Inc, BP Capital Markets plc, BP
Corporation North America, Inc, BP Finance Plc, BP Company
North America Inc., Standard Oil Company, Repsol S.A.,
Repsol International Finance B.V., Talisman Energy
Inc., OMV AG, ENI S.p.A.,
Eni Finance USA Inc., Eni USA Inc, eni finance international
SA, Gazprom Neft PJSC, GPN Capital S.A.,
Lukoil, PJSC and LUKOIL International Finance B.V.
was Global Integrated Oil & Gas Industry published in April 2014.
The principal methodology used in rating Ithaca Energy Inc.,
Tullow Oil plc, EnQuest plc, RussNeft, OAO Novatek,
Novatek Finance Limited, Nostrum Oil & Gas Plc, Zhaikmunai
LLP was Global Independent Exploration and Production Industry published
in December 2011.
The principal methodology used in rating Petroleum Geo-Services
ASA, KCA Deutag Alpha Ltd, Globe Luxembourg SCA, KCA
DEUTAG UK Finance plc, Bibby Offshore Services Plc, Bibby
Offshore Holdings Ltd, Welltec A/S, Seadrill Partners LLC,
Seadrill Operating LP, Topaz Energy and Marine Limited, Topaz
Marine S.A., Shelf Drilling Midco, Ltd.,
Shelf Drilling Holdings, Ltd., Neftserviceholding LLC,
Borets International Ltd, Borets Finance Limited, C.A.T.
Oil AG and IG Seismic Services Plc was Global Oilfield Services Industry
Rating Methodology published in December 2014.
Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.
The local market analyst for Topaz Energy and Marine Limited, Topaz
Marine S.A., Shelf Drilling Midco, Ltd.
and Shelf Drilling Holdings, Ltd. ratings of is Julien Haddad,
9714-237-9539.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The person who approved Bibby Offshore Services Plc, Bibby Offshore
Holdings Ltd, Welltec A/S, Seadrill Partners LLC, Seadrill
Operating LP, Ithaca Energy Inc., Tullow Oil plc,
EnQuest plc, BP p.l.c., Atlantic Richfield
Company, BP AMI Leasing, Inc., BP Capital Markets
America Inc, BP Capital Markets plc, BP Corporation North
America, Inc, BP Finance Plc, BP Company North America
Inc., Standard Oil Company, Repsol S.A.,
Repsol International Finance B.V., Talisman Energy
Inc., OMV AG, ENI S.p.A.,
Eni Finance USA Inc., Eni USA Inc and eni finance international
SA credit ratings is Anke Richter, Associate Managing Director,
Corporate Finance Group, Journalists 44 20 7772 5456, Subscribers
44 20 7772 5454.
The person who approved Neftserviceholding LLC, Borets International
Ltd, Borets Finance Limited, C.A.T. Oil
AG, IG Seismic Services Plc, RussNeft, OAO Novatek,
Novatek Finance Limited, Nostrum Oil & Gas Plc, Zhaikmunai
LLP, OJSC Oil Company Rosneft, Rosneft Finance S.A.,
Rosneft International Finance Limited, Rosneft International Holdings
Limited, Gazprom, PJSC, Gaz Capital S.A.,
OOO Gazprom Capital, Gazprom Neft PJSC, GPN Capital S.A.,
Bashneft, Tatneft PJSC, Lukoil, PJSC, LUKOIL International
Finance B.V., State Oil Company of the Azerbaijan
Republic, KazMunayGas NC JSC, KazMunaiGaz Finance Sub B.V.
, JSC KazTransGas, Intergas Central Asia, Intergas Finance
B.V. and JSC KazTransOil credit ratings is Victoria Maisuradze,
Associate Managing Director, Corporate Finance Group, Journalists
44 20 7772 5456, Subscribers 44 20 7772 5454.
The person who approved Petroleum Geo-Services ASA, KCA Deutag
Alpha Ltd, Globe Luxembourg SCA and KCA DEUTAG UK Finance plc credit
ratings is Peter Firth, Associate Managing Director, Corporate
Finance Group, Journalists 44 20 7772 5456, Subscribers 44
20 7772 5454.
The person who approved Topaz Energy and Marine Limited, Topaz Marine
S.A., Shelf Drilling Midco, Ltd. and
Shelf Drilling Holdings, Ltd. credit ratings is David Staples,
MD-Corporate Finance, Corporate Finance Group, Journalists
44 20 7772 5456, Subscribers 44 20 7772 5454.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead analyst and the Moody's legal entity that has issued the ratings.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Thomas S. Coleman
Senior Vice President
Corporate Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Anke Richter
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's reviews energy companies in the EMEA region for downgrade
