Moody's upgrades Rosneft to Baa1

Telco

International rating agency Moody's said Wednesday it had upgraded its Issuer rating of Russia's state-controlled crude producer Rosneft from Baa2 to Baa1. 

The agency said that the purchase of new refining assets demonstrated to a great extent the accomplishment of the company's strategic objectives for the medium term. “The acquisition has strengthened the company's business profile and would lead to a greater diversification of product and revenue stream, higher netbacks and stronger cash flow generation going forward,” Moody's said in a statement.

Rosneft has bought most of the key production and processing units of bankrupt oil firm Yukos in 16 state auctions, including Yuganskneftegaz, Siberia-based Tomskneft, and Volga-based Samaraneftegaz. Rosneft said in June its oil output expanded 8.7%, year-on-year, in the first quarter of 2007 to 147.92 million barrels, and the company expected to produce over 100 million metric tons (733 million barrels) of oil in 2007, taking into account former Yukos assets. Rosneft's revenues in 1Q07 increased 12.2%, to $8.22 billion, the company said. (rian.ru)

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