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S&P Credit Research6032 word report
published Jun 09, 2009
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S&P Credit Research
| Abstract: | In Standard&Poor's Ratings Services' opinion, European refining activities are now exposed to what we think will be a prolonged refining downturn. Strength in diesel and gasoline cracks has switched around compared with 2008, and European players risk suffering the most in 2009. Visibility for oil service companies is also low as pricing pressures have increased and demand remains uncertain. Upstream-focused oil and gas companies are showing resilience, though, as evidenced by reasonable first-quarter results. They are also benefitting from the faster-than-expected recovery in oil prices. In addition, we see some early signs of stabilization in emerging market oil. As can be seen in chart 2, the more challenging operating environment has resulted in an increased number of negative
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| Brief Excerpt: | RESEARCH Ratings Definitions Industry Report Card: European Oil & Gas Companies: There Are Tough Times Ahead For European Refiners Publication date: 09-Jun-2009 Primary Credit Analyst: Karl Nietvelt, Paris (33) 1-4420-6751; karl_nietvelt@standardandpoor...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Structured Finance
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
