The international credit rating agency S&P Global has confirmed the long-term credit rating of Rosneft at the investment level BBB- with a stable outlook. This is stated in the message of S&P Global, received by Izvestia on January 28.
The decision not to change the rating of “Rosneft” in S&P was explained by the resistance of the Russian company to risks.
“Rosneft’s cash flows are less volatile than those of many of its competitors. In addition, the Russian company has one of the lowest unit operating costs for hydrocarbon production in the industry ($ 2.8 / boe in Q3 2020) amid high production volumes. At the same time, the provision of Rosneft with hydrocarbon reserves is one of the longest in the world industry, ”said representatives of the international credit rating agency.
The company also noted that Rosneft is less exposed to the risks of energy transition than international oil companies.
Now Rosneft, directly or indirectly, has investment grade credit ratings from all the Big Three agencies: Fitch, Moody’s and S&P, as well as the highest rating from the Russian rating agency Expert RA.
Earlier in January, S&P’s credit rating on Russia was at the same level. Russian Finance Minister Anton Siluanov, commenting on the news, noted that the rating confirms the effectiveness of government measures to overcome the unprecedented challenges of 2020.