Moody's confirms ratings of Russian oil and gas companies

Moody's confirms ratings of Russian oil and gas companies

Moody's Investors Service has confirmed at Ba1 the corporate family ratings (CFRs) of Gazprom, Gazprom Neft, Oil Company Rosneft, Lukoil and Novatek. The outlook on all the ratings is negative.

"Our decision to confirm the ratings of Russian oil and gas majors reflects our view that they will be able to maintain solid credit metrics in a "lower-for-longer" oil price environment helped by ruble weakness and a favorable tax system. However, their ratings will remain constrained at Ba1 by the sovereign rating and outlook," the agency said.

Moody’s has confirmed Russia's Ba1 government bond and issuer ratings. The decision to confirm Russia’s rating was caused by the economy’s "resilience to the renewed drop in oil prices early this year thanks to an effective blend of macro policy responses," TASS reminds.

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