The rating service promoted the long-term credit rating of the Russian steel pipes manufacturer Pipe Metallurgical Company (TMK) from B to B+, with Stable rating outlook. The company’s national scale rating was promoted from ruA- to ruA.

‘The increase in the ratings reflects an improvement in the company’s liquidity status as well as in its operational and financial performance indicators,’ S&P reports.

‘The Stable rating outlook means that we feel TMK will still feel the positive influence of the Russian (and in particular the oil and gas machinery) market conditions that are favorable enough at the moment and of the good oil and gas prices, even though the macroeconomic factors look more uncertain than before,’ the agency observes.