Russian Oil, Gas Companies Remain Secure in International Credit Ratings

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Fitch Ratings announced that the most recent projection of expected global oil prices will not require any downgrading of the credit ratings of the major Russian energy companies.

A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
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WASHINGTON (Sputnik) — The most recent projection of expected global oil prices will not require any downgrading of the credit ratings of the major Russian energy companies, Fitch Ratings announced in a press release.

"Fitch Ratings recent price deck revision [in February] will not directly affect the ratings of Russian oil and gas companies," the assessment, which was issued on Tuesday, stated. "Our preliminary modelling shows that key metrics will remain broadly within the range we see as appropriate."

Fitch specified that Gazprom Neft and Novatek, which both currently have BBB-/negative ratings with Fitch, should also remain.

The Fitch press release also projected that global oil prices should slowly but steadily rise to close to double their current levels over the next three years, and then remain at those higher levels.

The London- and New York-based international ratings agency projected a basic international price level for oil prices of $35 per barrel for the rest of this year, $45 per barrel through 2017, $45 per barrel through 2018 and $65 per barrel beyond that.

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