MOSCOW, January 16 (RIA Novosti) - International ratings agency Standard and Poor's announced on its website Monday that it has upgraded Russian oil major Sibneft's rating to BB from BB- with a positive outlook after raising Sibneft majority shareholder Gazprom's grade to BB+ from BB.
S&P Credit Analyst Yelena Anankina called Sibneft "Gazprom's strategic asset in the oil sector".
"The company would also likely be considered a material subsidiary under the terms of Gazprom's medium-term notes program, and hence would be subject to cross default, thereby increasing Gazprom's economic incentive to support it," the website quoted Anankina as saying.
