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Moody's lowers Transneft
Moody's Investors Service said it has downgraded to A3 from A2 the issuer rating of OAO AK Transneft and the rating of the senior unsecured loan participation notes, totaling about $4.3 billion, issued by TransCapitalInvest Ltd., a special purpose vehicle that has issued notes for the sole purpose of financing loans to Transneft.
These rating actions were prompted by Moody's decision to change the outlook on the sovereign ratings of the Russian Federation to stable from positive, the agency said.
The ratings of Transneft and TransCapitalInvest remain on review for possible further downgrade in light of Moody's decision to review its assessment of the default dependence, currently assumed as low, between Transneft, Russia's de-facto monopoly oil pipeline business, and the Russian government - whose support is factored into the company's rating - in light of the global financial crisis and sharp fall in commodity prices.
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