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06 Feb 2019, Gergana Bencheva, EMIS Editor

S&P raises Rosneft’s credit rating to “BBB-“

Rating agency S&P Global Ratings has decided to upgrade the long-term credit rating of Russian oil major Rosneft to “BBB-“ from the junk level of “BB+”, with stable outlook, Prime Business News reported. The rating is valid for both national and foreign currencies.

The agency explained its decision with Rosneft’s good financial results in 2018 and the cash it managed to generate mainly thanks to the high oil prices. Also, Russia’s current tax and duty system is said to be favourable for the group.

Yet, S&P may change its outlook if Russia reduces its support for Rosneft or if the country’s credit rating gets downgraded due to new sanctions, Prime Business News warned.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Prime Business News