Credit Ratings

Standard & Poor's Ratings Services

On December 15, 2009 15 Standard & Poor’s Ratings Services changed the outlook on JSC Gazprom Neft ratings from Stable to Negative and affirmed all the Company’s ratings: a ‘BBB-‘ corporate credit rating  and a ‘ruAA+’ Russia national scale rating. 

International Scale in Foreign Currency

International Scale in National Currency

National Scale (Russia)

According to S&P Ratings Services, the key factors that contributed to downside rating are: the company’s asset acquisition activity, indebtedness and the Company’s liquidity ratio.

S&P continues to rate the business-risks of the Company as “acceptable” and the financial risks of the Company as “significant”. The S&P expectations of parental support from JSC Gazprom (ВВВ/Negative/А-3) holding a 96% interest in Gazprom Neft remain unchanged, accounting for one-notch uplift in the rating.  

Moody's Investors Service

On July 4, 2008 Moody's Investors Service upgraded the senior unsecured ratings of JSC Gazprom Neft from “Ba1” to “Baa3”. As part of the upgrade of the investment ratings, the Ba1 Corporate Family Rating and Probability of Default Rating have been withdrawn.

International Scale in Foreign Currency

JSC Gazprom Neft ratings have a stable outlook, which is based on the expectation that the recently upgraded investment grade rating will remain unchanged over the immediate term due to the fundamental factors. To maintain the current rating Moody's expect the Company to continue delivering a robust operational and financial performance, while adhering to its financial policies and business plan targets.   

JSC Gazprom Neft’s investment grade ratings expand its borrowing options and reduce the cost of loans.