Moody's upgrades Rosneft to Baa1
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)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.