The Standard & Poor's international rating agency has advanced the long-term credit rating of the YUKOS oil company to BB, outlook stable. This is the highest rating among all Russia's private companies as of today. According to the oil company's press service, Standard & Poor's simultaneously advanced YUKOS' national rating to ruAA+.
BB rating is the same as the sovereign credit rating of the Russian Federation as concerns transactions in foreign currencies and, as of this day, the highest assessment of the credit worthiness of any Russia's corporate borrower rated by Standard & Poor's. The rating agency says this rating reflects YUKOS large profits, good cash flow, low debt, and a lot of liquid cash.
The YUKOS oil company was founded on April 15, 1993. Its subsidiaries include such oil producers as Yuganskneftegaz, Samarneftegaz, Eastern Oil Company, Eastern-Siberian Oil/Gas Company, Angarsk Petrochemical Company and a number of oil refineries, sales outlets, and scientific research facilities. YUKOS' common shares circulate on the RTS Stock Exchange, Moscow Interbank Currency Exchange, and Moscow Stock Exchange.
Over the first 6 months of 2002, YUKOS' net profits decreased by 13.5% on the year to USD 1.220 billion. Over the same period, the company sold 31.6 million tonnes of crude and various, including purchased for resale petroleum products? Which was a 12.9% increase on the year.