Fitch downgrades the long-term credit rating of Rosneft
Edited by Rhod Mackenzie / 2013-10-21 04:52:02
The rating was removed from the list of those with a stable outlook. At the same time, the company’s short-term rating was confirmed at the level of F3. The changes introduced to the rating are connected with the plans of Rosneft about the input of its funds and possible necessity in drawing of additional capital.
In 2012-2013 the company raised $37 billion of debt funds. Taking into account the forecasted oil value at the amount of $103 per barrel in 2013, $96 per barrel in 2014 and $88.5 per barrel in long-term prospect, the level of debt/operating profit will increase to 3 against current 1.5.
