S&P raises LUKoil

Standard & Poor's said it raised its long-term corporate credit rating and all debt ratings on LUKoil OAO to BBB- from BB+ following review of the company's 2006 results, financial policies and strategic plan.

The outlook is stable.

The agency said that the upgrade reflects LUKoil's continued strong 2006 operating and financial performance, together with additional comfort gained from its financial policies and clarification of its ambitious 2007-2016 strategic plan.

According to S&P, the rating on LUKoil reflects the company's standing as the largest vertically integrated oil company in the Russian Federation (BBB+/stable/A-2), a high share of dollar-denominated export revenues, some international diversification and a strong financial profile.

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