17 Dec 2013 13:22
Moody's Affirms Rosneft's Credit Rating at Baa1, Upgrades Outlook to Stable
Moscow, December 17, 2013. Moody's International Rating Agency announced today that it affirmed Rosneft's Baa1 credit rating and upgraded outlook to stable.
Rosneft Baa1 credit rating is now on a par with the sovereign rating of the Russian Federation.
The management of Rosneft held a number of meetings with Moody's representatives, where the mid-term development plans of the Company were presented with the priorities of financial policy aimed at consistent reduction of debt burden, creation of shareholder value and successful integration of acquired assets.
The decision to affirm the sovereign-level credit rating with stable outlook was made despite the growth of the Company's debt indicators. Moody's made a special note of the fact that strong operational performance of Rosneft, sustainable financial indicators, significant increase of liquidity achieved in the last few months, as well as predictability of the Company's future financial standing, were key for affirming the rating.
Moreover, Moody's affirmed Baa1 rating and stabilized the outlook for Rosneft International Holdings Limited, the Company's subsidiary.
"We are satisfied with the decision to affirm Rosneft's sovereign-level credit rating and to change the outlook to stable. This is the evidence of trust the Company has from the international financial community, due to our responsible attitude towards obligations, efficient business development, production growth and stable financial performance" - commented Igor Sechin, the President of Rosneft.
Rosneft Information DivisionTel.: +7 (499) 517 88 97www.rosneft.com
December 17, 2013
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