OAO Rosneft, Russia’s largest oil producer, was raised one level to ‘BBB’ at Fitch Ratings, the second-lowest investment grade on output and reserves growth.

“The upgrade reflects Rosneft’s improved credit metrics and Fitch’s expectations that the company will be able to maintain a solid financial profile in the medium term,” the ratings company said today in a report. “Its status as a low- cost producer both internationally and in Russia demonstrates its ability to efficiently replace reserves and grow production in a cost effective manner.”

The outlook is stable, Fitch said.

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net