S&P REVISES OUTLOOK OF RUSSIA'S TMK TO NEGATIVE, CUTS NATIONAL SCALE RATING TO 'RUA'

摘要

Standard & Poor's Ratings Services has revised its outlook on Russia-based steel pipe producer TMK to negative from stable on weakening pipe demand amid the global economic slowdown, the ratings agency said in a statement. At the same time, S&P affirmed the 'B+' long-term corporate credit rating and lowered the Russia national scale rating to 'ruA' from 'ruA+'. "The outlook revision reflects our view that demand for oil country tubular goods (OCTG) and industrial pipes is deteriorating in Russia and globally, which will limit deleveraging opportunities for the company in 2009, and that TMK will continue to face liquidity pressures," said Standard & Poor's credit analyst Andrey Nikolaev.