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Moody's downgrades Rosneft's rating to Baa2 with a negative outlook
The international rating agency Moody's Investors Service has downgraded the ratings of Rosneft and its subsidiaries to Baa2 from Baa1, it said in a statement. The rating outlook is negative.
As explained by the agency, this step followed the fall of 17 October 2014 credit rating of Russia from "Baa1" to "Baa2". Moody's also notes that Rosneft was included in the list of industry sanctions by the US and the EU, which makes it difficult for the company to access external financing, at least in the western financial markets, as well as opportunities to continue cooperation with Western partners in complex development projects.
The strengths of Rosneft are also noted, in particular, its status as the world's largest public oil company, priority access to oil resources, potential benefits from its cooperation with China.