Bloomberg News

Rosneft Raised to ‘Bbb’ at Fitch on Production Growth, Reserves

March 23, 2012

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

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