Transneft http://www.alacrastore.com/company-snapshot/Transneft-2519567 Friday, January 09, 2009 5:41:14 AM 2519567 Transneft en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_169354_820046271moodys/PR_169354_820046271htmlGlobal Credit Research Rating Action ## DEC #### Rating Action: TransCapitalInvest Limited Moody's downgrades Transneft to A#; rating on review for possible downgrade Approximately USD#.# billion of debt securities affected New York,...12/16/2008 12:54:54 AMhtmlTransCapitalInvest LimitedOAO AK TransneftOAO AK Transneft; TransCapitalInvest Limited820046271600068843150.0000NewsRating ActionPR_169354_820046271Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/688350spcred/688350normThe latest News from S&Pglobal12/8/2008 1:26:00 PM100News688350RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSovereignsCorporationsInternational Public FinanceUtilitiesElectricEnergyWaterGasMetals & MiningNewsMOSCOW (Standard&Poor's) Dec. 8, 2008--Standard&Poor's Ratings Services said today that it had taken a number of rating actions and outlook revisions on Russian government-related entities (GREs) and regional governments following its downgrade of the Russian Federation (foreign currency BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia national scale 'ruAAA'). In general, when a GRE's stand-alone credit quality is lower than the government's, and the rating on the GRE benefits from an uplift for expectation of possible extraordinary government support, the ratings on the GRE will not normally exceed the foreign currency ratings on the government. Standard&Poor's took the following specific actions: -- The long-term corporate credit rating on the 100% state-controlled oil pipeline monopoly OAO AK TransneftRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUNEWSRUS00080J36828X61946379339810102010 101020 1010 1055104010 551040 5510 5540101010 401010 4010 4055101010 551010 5510 5540202010 402020 4020 40Moscow (City of)St. Petersburg (City of)OAO GazpromOJSC Oil Company RosneftFederal Grid Co. of the Unified Energy SystemRussian Bank for DevelopmentVnesheconombankVodokanal St. PetersburgRusHydro (OJSC)MSUE Mosvodokanal310444311317319662356989379436388792390455411319426621457181EMERGINGEUROMIDAFR1015Z@RU1012Z@RUGAZP@RU923840Z@RU543604Z@RU49047Z@RU945768Z@RUGLOBISSFISOVCORPGOVSUTILPROJFINElectricEnergyWaterGasMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/newstex/HUG-0001-29964113newstex/HUG-0001-29964113xml Nov. ##, #### (Hugin AS delivered by Newstex) -- * Income from oil sales amounted to TSEK ###,### (#) * The net result after tax for the period was TSEK -###,### (-#,###) * EPS was SEK -#.## (-#.##) for the report period * Svenska Petroleum...0400000004018000090000000901500004005000040050120401700004017002040160000401600806000000060010000600100211/28/2008 3:18:42 AM18000000180050001800800019000000190020001900200719002006Hugin ASHUG-0001-29964113TRANSNEFTTRNFFNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/581898spcred/581898normThe latest Summary from S&Pglobal11/12/2008 2:52:01 AM175Summary581898RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergySummaryThe rating on Russian government-controlled oil pipeline operator OAO AK Transneft is supported by the company's market position as the key transporter of Russian crude oil, with a significant cost advantage over other shipping alternatives. Transneft benefits from ongoing governmental support through favorable (although not always transparent) tariff regulation. Historically, Transneft's operating profile has been strong, and its financial management cautious, as reflected by only Russian ruble (RUR) 72 billion ($2.7 billion) in reported debt at year-end 2006 (RUR92.6 billion with Standard&Poor's Ratings Services' adjustments) compared to RUR105.3 billion in EBITDA in 2006. The key rating constraints are the risks associated with the company's major multibillion dollar capital project--the Eastern-Siberia-to-Pacific-Ocean (ESPO) pipeline. The company expects just the firstRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/559497spcred/559497normThe latest Full Report from S&Pglobal11/12/2008 2:51:57 AM400Full Report559497RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergyFull ReportPosition as the monopoly crude oil pipeline operator in Russia. Supportive tariff setting. Expectation of extraordinary state support due to the company's importance to the Russian economy. Robust financial performance of existing operations. Sizeable investments for the construction of new routes, which will lead to a debt surge. Substantial maintenance capital expenditure requirements. Exposure to high institutional risks, including nontransparent regulation and politicized decision-making. The rating on Russia-based pipeline operator OAO AK Transneft is supported by its unique market position as the key transporter of Russia's crude oil production to domestic and export destinations. As a result, the company benefits from positive government support, including supportive tariff regulation. Transneft also benefits from a strong operating profile, historically cautious financial management,RUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUFULLGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/559498spcred/559498normThe latest Summary from S&Pglobal11/12/2008 2:51:57 AM175Summary559498RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe rating on Russia-based pipeline operator OAO AK Transneft is supported by its unique market position as the key transporter of Russia's crude oil production to domestic and export destinations. As a result, the company benefits from positive government support, including supportive tariff regulation. Transneft also benefits from a strong operating profile, historically cautious financial management, and highly competitive costs compared with those of shipping alternatives. Constraining factors include risks associated with the company's major multi-billion U.S. dollar capital projects, such as the Eastern-Siberia-to-Pacific-Ocean (ESPO) pipeline. These projects will be debt-financed and, therefore, will weaken the company's financial position. The company also faces risks inherent in the evolving regulatory and political environment in Russia. We acknowledge the Russian government's abilityRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/561601spcred/561601normThe latest News from S&Pglobal11/12/2008 2:51:57 AM100News561601RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergyNewsMOSCOW (Standard&Poor's) Feb. 12, 2007--Standard&Poor's Ratings Services said today that it assigned its 'BBB+' preliminary long-term debt rating to the proposed seven-year senior unsecured notes to be issued by special purpose vehicle TransCapitalInvest Ltd., with the sole purpose of financing the loan to Russian crude oil pipeline network operator OAO AK Transneft (BBB+/Stable/--). The amount and interest rate, as well as other details of the issue, will be determined during the placement. "We expect the proceeds from the bond issue to be used to finance the construction of the Eastern Siberia-to-Pacific Ocean pipeline," said Standard&Poor's credit analyst Tatiana Kordyukova. The noteholders, through the trustee, are expected to obtain access to Transneft in a stressRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUNEWSRUS89354FTransCapitalInvest Ltd.412943EUROMIDAFREMERGINGGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/548103spcred/548103normThe latest News from S&Pglobal11/12/2008 2:51:55 AM100News548103RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergyNewsMOSCOW (Standard&Poor's) Nov. 29, 2006--Standard&Poor's Ratings Services said today it raised its long-term corporate credit rating on Russia-based pipeline operator OAO AK Transneft to 'BBB+' from 'BB+' and removed the rating from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. This follows a review of the Russian government's influence on government-related companies. The outlook is stable. "Standard&Poor's has reevaluated the Russian government's ability to enhance both Transneft's stand-alone credit quality and our expectation of extraordinary state support for the company in a distress situation," said Standard&Poor's credit analyst Rob Richards. "The ongoing positive influence comes from largely favorable, albeit nontransparent, regulation and tariff setting, and has ledRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUNEWSGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/548104spcred/548104normThe latest Research Update from S&Pglobal11/12/2008 2:51:55 AM175Research Update548104RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergyResearch UpdateOn Nov. 29, 2006, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Russia-based pipeline operator OAO AK Transneft to 'BBB+' from 'BB+' and removed the rating from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. This follows a review of the Russian government's influence on government-related companies. The outlook is stable. Standard&Poor's has reevaluated the Russian government's ability to enhance both Transneft's stand-alone credit quality and our expectation of extraordinary state support for the company in a distress situation. The ongoing positive influence comes from largely favorable, albeit nontransparent, regulation and tariff setting, and has led to a one-notch increase of the company's stand-alone credit quality, which is nowRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RURESUPDGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/527071spcred/527071normThe latest Summary from S&Pglobal11/12/2008 2:51:49 AM175Summary527071RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe rating on Russia-based oil pipeline operator OAO AK Transneft is constrained by the company's exposure to the political and administrative risks in the Russian Federation (foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations, and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The rating is supported by Transneft's strong operating and financial profile, unique market position as the key transporter of Russia's growing crude oil production to domestic and export destinations, and highly competitive costs compared with those of shipping alternatives. Transneft is a state-owned monopoly that pumps about 90% of the oil produced in Russia. Standard&Poor's Ratings Services acknowledges the government's strongRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/511842spcred/511842normThe latest Summary from S&Pglobal11/12/2008 2:51:46 AM175Summary511842RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergySummaryThe rating on Russia-based oil pipeline operator OAO AK Transneft is constrained by the company's exposure to the political and administrative risks in Russia (The Russian Federation, foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations, and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The rating is supported by Transneft's strong operating and financial profile, unique market position as the key transporter of Russia's growing crude oil production to domestic and export destinations, and highly competitive costs compared with those of shipping alternatives. Transneft is a state-owned monopoly that pumps about 93% of the oil produced in Russia. Standard&Poor's Ratings Services acknowledges the government'sRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/503584spcred/503584normThe latest Summary from S&Pglobal11/12/2008 2:51:44 AM175Summary503584RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe rating on Russia-based oil pipeline operator OAO AK Transneft is constrained by the company's exposure to the political and administrative risks in The Russian Federation (foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations, and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The rating is supported by Transneft's strong operating and financial profile, its unique market position as the key transporter of Russia's growing crude oil production to domestic and export destinations, and its highly competitive costs compared with shipping alternatives. Transneft is a state-owned monopoly, which pumps about 93% of the oil produced in Russia. Standard&Poor's Ratings Services acknowledges strong governmental influenceRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/472018spcred/472018normThe latest Summary from S&Pglobal11/12/2008 2:51:38 AM175Summary472018RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe ratings on Russia-based oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in the Russian Federation (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations, and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strong operating and financial profile, its unique market position as the key transporter of Russia's growing crude oil production to domestic and export destinations, and its highly competitive costs compared with shipping alternatives. Transneft is a state-owned monopoly, which pumps about 93% of the oil produced in Russia. Standard&Poor's Ratings Services acknowledges the Russian Federation's strongRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/467821spcred/467821normThe latest Summary from S&Pglobal11/12/2008 2:51:37 AM175Summary467821RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergySummaryThe ratings on Russia-based oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in the Russian Federation (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations, and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strong operating and financial profile, its unique market position as the key transporter of Russia's growing crude production to domestic and export destinations, and its highly competitive costs compared with crude oil shipping alternatives. Transneft is a state-owned monopoly, which pumps about 94% of all the oil produced in Russia. Standard&Poor's Ratings Services acknowledges the RussianRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/472011spcred/472011normThe latest Full Report from S&Pglobal11/12/2008 2:51:37 AM400Full Report472011RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergyFull ReportPosition as the monopoly crude oil pipeline operator in the world's largest production market, Russia. Increasingly diversified export routes. Supportive tariff setting. Currently strong financial profile. Sizeable capital expenditure requirements, both for the construction of new routes and the maintenance of existing pipelines. Exposure to high country risks, including nontransparent regulation and political risks. The ratings on Russia-based oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in the Russian Federation (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations, and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strong operating and financialRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUFULLGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/446769spcred/446769normThe latest Summary from S&Pglobal11/12/2008 2:51:33 AM175Summary446769RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe ratings on Russia-based oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in the Russian Federation (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strong operating and financial profile, its unique market position as the key transporter of Russia's growing crude production to domestic and export destinations, and its very competitive costs compared with other crude oil shipping alternatives. Transneft is a state-owned monopoly, which pumps about 94% of all the oil produced in Russia. Standard&Poor's Ratings Services acknowledges theRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/423030spcred/423030normThe latest Summary from S&Pglobal11/12/2008 2:51:30 AM175Summary423030RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergySummaryThe ratings on oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in the Russian Federation (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3). These risks include uncertainties regarding the regulatory environment directly applicable to Transneft's operations and high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strong operating and financial profile, its unique market position as the key transporter of Russia's growing crude production to domestic and export destinations, and its very competitive costs compared with other crude oil shipping alternatives. Transneft is a state-owned monopoly, which pumps about 94% of oil produced in Russia. Standard&Poor's Ratings Services acknowledges the Russian Federation's strongRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/397282spcred/397282normThe latest Summary from S&Pglobal11/12/2008 2:51:27 AM175Summary397282RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe ratings on oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in the Russian Federation, including uncertainties regarding the regulatory environment directly applicable to its own operations, as well as high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strong operating and financial profile, its unique market position as the key transporter of Russia's growing crude production to domestic and export destinations, and its very competitive costs compared with other crude oil shipping alternatives. Transneft is a state-owned monopoly, which pumps about 94% of oil produced in Russia. Standard&Poor's acknowledges the strong influence on the company of the Russian Federation, butRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/402786spcred/402786normThe latest Full Report from S&Pglobal11/12/2008 2:51:27 AM400Full Report402786RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesEnergyFull ReportPosition as monopoly crude pipeline operator in the world's largest production market, Russia; Increasingly diversified export routes; Supportive tariff setting; and Strong financial profile and moderate financial policy. Exposure to high country risks of The Russian Federation; Nontransparent regulation; Exposure to political risks; and Sustained high capital requirements to rehabilitate, expand, and upgrade the company's pipeline system. The ratings on oil pipeline operator OAO AK Transneft are constrained by the company's exposure to political and administrative risks in The Russian Federation (foreign currency BB+/Stable/B; local currency BBB-/Stable/A-3), including uncertainties regarding the regulatory environment directly applicable to its own operations, as well as high capital requirements to expand, upgrade, and rehabilitate its pipeline system. The ratings are supported by Transneft's strongRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUFULLGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/377909spcred/377909normThe latest Summary from S&Pglobal11/12/2008 2:51:25 AM175Summary377909RussiaOil & Gas Storage & TransportationEmerging MarketsEurope, Middle East, AfricaGlobal IssuersUtilitiesCorporationsEnergySummaryThe ratings on Russian government-owned monopoly oil pipeline operator OAO AK Transneft reflect the company's exposure to political and regulatory risks and high capital requirements to rehabilitate, upgrade, and expand its ageing pipeline system. The ratings are supported, however, by Transneft's strong operating and financial profile; its unique market position as a pipeline company; very competitive costs compared with any other crude oil shipping alternative; and supportive, although not quite transparent, regulation. At April 1, 2004, the company had total debt of $605 million. Transneft's monopoly position as the key method of transporting Russia's growing crude production to domestic and export destinations will remain in the foreseeable future. Russia is one of the world's largest crude oil producers, and theRUS10102040 101020 1010 10OAO AK Transneft363011EMERGINGEUROMIDAFRTRNF@RUSUMMARYGLOBISSUTILCORPEnergyCredit & Investment ResearchS&P Credit Research