Analyst Research

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Provider: Reuters Investment Profile

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Fitch Rates Gazprom neft' OAO at BBB; Outlook Stable

Tuesday, 29 Oct 2013 05:11am EDT 

Fitch Ratings (Fitch) announced that it has assigned Gazprom neft' OAO (GPN) long-term foreign and local currency Issuer Default Ratings (IDRs) of BBB, with Stable Outlook. GPN's BBB rating reflects its upstream and downstream operations, moderately diversified reserve base, solid operational metrics and conservative leverage, which may moderately increase from intensified upstream capex. The rating also includes the discount for corporate governance and country risks Fitch usually applies when rating Russian corporates. Fitch rates GPN on a standalone basis. Its BBB rating takes into account the Company's internal strengths and a two-notch discount for higher corporate governance and country risks typical for Russian corporates. Fitch assesses the ties between GPN and Gazprom, its immediate parent, mainly because GPN is subject to cross-default provisions in Gazprom's eurobond documentation. This could support GPN's rating, should its standalone profile deteriorate.