According to the press release of the agency, the outlook on the ratings was changed to positive from stable.  "Our decision to upgrade RussNeft’s ratings reflects continued efforts by the company’s shareholders and management to reduce leverage and financing costs and extend debt maturity profile. We also recognize an improvement in RussNeft’s operating profile, resulting in reversal of the falling production trend since H2 2016,” says Denis Perevezentsev, Moody's Vice President - Senior Credit Officer. The positive outlook on RussNeft's ratings reflects Moody’s expectation that the company will be able to solidify its financial and operating performance, demonstrate stability of its corporate structure and transparency in strategic decision making while keeping its debt at sustained level during 2017-2018, which could lead to further upgrade of the company’s ratings, the statement says. As previously announced, the net profit of PJSC “RussNeft” under IFRS was 14.9 billion RUB following the results of 2016. The charter capital of PJSC “RussNeft” is 196.22 million RUB divided into 294.12 million ordinary shares and 98.032 million preferred shares with a nominal value of 50 kopecks each. Following the IPO in late November, the Gutseriev family owns 60% of the charter capital (47% of the ordinary shares), Glencore plc trader controls 25% of the capital (33% of the ordinary shares), with the remaining 20% of the ordinary shares (15% of the charter capital) in free float. In late November 2016, Belyrian Holdings Limited and its subsidiaries in beneficial ownership of the Gutseriev family sold 20% of PJSC “RussNeft” ordinary shares (15% of the charter capital) at the Moscow Exchange. In particular, Belyrian Holdings Ltd sold 6.41% of the ordinary shares which it owned directly. Its subsidiaries Bradinor Holdings Ltd (5.426%) and Cromeld Management Ltd (7.48%) also acted as sellers and are no longer shareholders of PJSC “RussNeft”. Neither the company, nor the deal makers disclosed the buyers’ identities.