Moody’s: 22 Russian non-financials to stable

Moody's Investors Service said it changed the outlooks on the following Russian non-financial corporates and their family entities' ratings to stable from negative: (a) the Ba1 corporate family ratings and the Ba1-PD probability of default ratings of Gazprom, PJSC, Gazprom Neft PJSC, PJSC Oil Co. Rosneft, Rosneft International Holdings Ltd., Lukoil, PJSC, PAO Novatek, Bashneft PJSOC, Tatneft PJSC, NLMK, PAO Severstal, Magnitogorsk Iron & Steel Works, MMC Norilsk Nickel, PJSC, Alrosa PJSC, Mobile TeleSystems PJSC, MegaFon PJSC, Russian Railways JSC, Federal Passenger Co. OJSC, Sovcomflot PAO, PJSC PhosAgro and Sibur Holding, PJSC; (b) the Ba2 corporate family rating and Ba2-PD probability of default rating of Svyazinvestneftekhim JSC (Sinek); and (c) the B1 corporate family rating and B1-PD probability of default rating of KAMAZ PTC.

The outlook on Irkut Corp., JSC's Ba3 corporate family rating and Ba3-PD probability of default rating remains negative.

Concurrently, the agency affirmed all these ratings.

Moody’s said the actions follow its Feb. 17 change of the outlook on Russia's Ba1 government bond rating to stable from negative, reflecting the government's enactment of a medium-term fiscal consolidation strategy and the beginning of economic recovery after a nearly two-year-long recession. These two factors combined have eased the downside risks the rating agency had identified last year when it assigned the negative outlook.

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