Gazprom Neft assigned its first rating – of AAA (RU) outlook Stable – from ratings agency ACRA
, press release
The Analytical Credit Rating Agency (ACRA) has assigned a rating of AAA (RU), outlook Stable, to Gazprom Neft PJSC — a credit rating assigned according to the national scale for the Russian Federation.
A rating of AAA, outlook Stable, reflects the agency’s assessment of the company’s business profile: a high level of hydrocarbon reserves, as well as metrics on production volumes and refining depth, and a strong level of diversification across production assets and markets. Among those factors impacting the assessment, the agency notes Gazprom Neft’s high standard of corporate governance, the strong support of the company’s main shareholder, Gazprom PJSC, the company’s low leverage, the high profitability of the business, and the level of financial transparency throughout the company which, according to ACRA, matches international best practice in terms of disclosure of both financial and operational data.
Alexei Yankevich, Deputy CEO for Economics and Finance, Gazprom Neft, commented: “Gazprom Neft is the first company in Russia’s oil and gas industry to receive such a high rating from ACRA. Such an authoritative assessment from a ratings agency is, without doubt, testament to the high credit worthiness of the company, and an endorsement of Gazprom Neft’s business efficiency.”
NOTES FOR EDITORS
The Analytical Credit Rating Agency (ACRA) was established in 2015. The list of its shareholders includes 27 major Russian companies and financial institutions, each holding a share of 3.7 percent of its share capital, which totals over RUB3 billion. The Agency’s main objective is to provide the Russian market with a high-quality rating product. ACRA’s methodologies and internal regulation are being developed pursuant to Russian legislation and in line with international best practice in rating activities.