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Moody's changed the outlook on Naftogaz B2 ratings from developing to stable

February 22, 2005 | Cbonds

Moody's Investors Service has yesterday changed from developing to stable the outlook on the B2 senior unsecured and senior implied ratings of NJSC Naftogaz of Ukraine ("Naftogaz"), the Ukrainian state-owned oil and gas company. Naftogaz's ratings shadow that of Ukraine (rated B1) with a single-notch differential, and this rating action reflects Moody's change in the rating outlook on the sovereign rating last week.

As the de facto oil and gas up- and downstream monopoly in Ukraine, Naftogaz is not only strategically important to the country's government, but is also internationally significant because of its role as one of the principal transporters of natural gas between Russia and Western Europe through its ownership of the Ukraine section of the Soyuz gas pipeline. Naftogaz controls a 95% share of Ukrainian oil and gas production and 100% of the transmission, distribution, storage and supply markets. The company is regulated by the State of Ukraine which is also its sole shareholder and appoints its Supervisory Board. Naftogaz may not be privatised under current legislation, nor can it pledge its strategic assets as collateral.

Naftogaz, headquartered in Kiev, Ukraine, is an integrated hydrocarbon company with operations in oil and gas exploration and production, domestic and international transportation, storage and supply. In 2003 the company generated revenues of $6.2 billion and operating profit of $978 million. It has proved oil reserves of around 225 million barrels of oil equivalent and gas reserves of some 317 bcm.


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