© 2005–2024 ПАО НК «РуссНефть»

MOODY’S UPGRADES RUSSNEFT’S RATING TO B1 FROM B2 AND CHANGES OUTLOOK TO POSITIVE FROM STABLE

26.04.2017 INTERFAX

Moscow. Moody’s Investors Service international rating agency has upgraded to B1 from B2 the corporate family rating and to B1-PD from B2-PD the probability of default rating of PJSC “RussNeft” (MOEX: RNFT).

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.

More news

All Show all

"RussNeft" became a sponsor of the arts festival in Nizhnevartovsk

This year the Nizhnevartovsk region celebrates 96 years since its founding. The festival and celebratory events mark the anniversary of the region. Sponsorship was provided to the celebration of the founding day of the Nizhnevartovsk region by PJSC “RussNeft”. This was reported by the company's press service.

"AWARDS TO THE STRONGEST, HEALTH TO EVERYONE": SPORTS CONTEST FOR CHILDREN WITH DISABILITIES TAKES PLACE IN SARATOV

Sports сontest for children with disabilities has been held in Saratov region. The "Awards to The Strongest, Health to Everyone" sporting event took place under the patronage of PJSC “RussNeft”, SAFMAR Foundation, the Ministry of Labor and Social Protection of the Saratov region and the "Rehabilitation and Physical Education" regional children's and youth adaptive sports school.

RussNeft holds a scientific conference for young professionals

According to press service of PJSC ”RussNeft”, the first scientific and technical conference for young professional has been held on the basis of the Nizhnevartovsk branch of the company. The organizers named professional development and popularization of the research activities of holding’s talent pool as the main objectives of the event.