Fitch has raised Bashneft’s rating

Fitch Ratings has increased the long-term default rating of the issuer in foreign and national currencies of Bashneft from “BB” to “BB+”, forecast stable. Fitch thinks that Bashneft in the coming years will keep successfully working even on the background of low oil prices.

Fitch reported on the reconsideration of Bashneft’s ratings on Monday.

The agency saved the short-term default rating of the issuer in foreign and national currencies at “B” level.

The national long-term rating of Bashneft rose from “AA-(rus) to “AA(rus)”, forecast stable. The priority unsecured rating was raised from “BB” to “BB+”, priority unsecured national rating – from “AA-(rus)” to “AA(rus)”.

Fitch forecasts that in the mid-term perspective Bashneft will keep showing high operational and financial results despite of low oil prices.

The company’s nationalization held in 2014 hasn’t led to the appearance of serious credit risks, analysts think.