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S&P downgrades Gazprom Neft, Novatek
Standard & Poor’s said it lowered the ratings on Gazprom Neft JSC and OAO Novatek to BB+ from BBB-.
S&P also said it lowered the national scale ratings on these companies to ruAA+ from ruAAA.
The outlook on both companies is negative.
Although S&P said it maintains an assessment of Gazprom Neft’s stand-alone credit profile at BBB-, the rating continues to be capped by the ratings of its parent company, Gazprom.
The negative outlook on Gazprom Neft mirrors Gazprom’s outlook, the agency said.
The downgrades follow the recent downgrade of Russia’s sovereign ratings because its monetary policy flexibility has become more limited and its economic growth prospects have weakened, S&P said.
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