S&P: Magyar Olaj- es Gazipari still on watch

Standard & Poor's said it kept its BBB- long-term corporate credit and senior unsecured debt ratings on Magyar Olaj- es Gazipari Rt. on CreditWatch with negative implications, where they were placed on April 28.

S&P said that the CreditWatch update follows that the company has, most likely, been unsuccessful in its bid to acquire OAO Udmurtneft, adding that it was this bid that triggered the CreditWatch placement in April.

Before resolving the CreditWatch status, S&P said it will need to evaluate Magyar's financial policy and growth appetite, as it expects the company to continue actively to pursue potentially sizable acquisitions in order to meet its ambitious 2010 strategic plan targets.

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