Dagong Global Credit Rating Company Limited (Dagong), the major Chinese credit rating agency, has assigned Gazprom Neft an AA long-term credit rating with a stable outlook for obligations in Russian roubles. Gazprom Neft’s potential for further growth, the Company’s solid fundamentals, balanced debt portfolio, increasing production levels and the active support the Company receives from OJSC Gazprom were among the criteria for assigning the high rating to Gazprom Neft. They underpin reassurance about Gazprom Neft's stable financial position and high profitability.
Dagong has assigned Gazprom Neft an AA- credit rating for obligations in foreign currencies. The agency attributed the one point difference between the Company’s rouble rating and foreign currency rating to Gazprom Neft's limited access to foreign capital markets. However, Dagong have concluded that despite an unfavourable external environment, Gazprom Neft has sufficient resources to meet its debt obligations.
Aleksey Yankevich, Deputy CEO of Gazprom Neft for Economics and Finance, said:
"The high credit rating from Dagong provides a further valuable reference point for Asian investors regarding Gazprom Neft’s credit, and it will support further opportunities for collaboration."