waltermasoni
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Russian Oil Producer Gazprom Neft Affirmed At 'BBB-' On Lower Leverage; Outlook Stable
- 28-Feb-2020 04:57 EST
- Table of Contents
- Gazprom Neft delivered another year of strong credit metrics, with funds from operations (FFO) to debt at 79% in 2019 and we expect it to remain above 60% in 2020-2021.
- Although we consider that Gazprom Neft's stand-alone credit profile has improved to 'bbb', the creditworthiness of its parent, Gazprom, and that of Russia still constrain our rating on the company.
- We are affirming our 'BBB- ratings on Gazprom Neft.
- The stable outlook mirrors that on Gazprom, Gazprom Neft's parent, and reflects our expectation that Gazprom Neft would maintain FFO to debt above 60% in the next two years.
MOSCOW (S&P Global Ratings) Feb. 28, 2020--S&P Global Ratings today took the rating actions listed above.