Fitch revises Bashneft view to positive

Fitch Ratings said it revised PJSOC Bashneft's outlook to positive from stable while affirming the long-term foreign and local currency issuer default ratings at BBB-.

The agency said the action follows a reassessment of the credit position of Rosneft Oil Co., which has been Bashneft's key shareholder since October 2016.

“The ratings of Bashneft take into account a very high level of integration between Bashneft and Rosneft, Bashneft's standalone rating, and our assessment of Rosneft's credit position,” Fitch said in a news release.

“We expect Rosneft to be able to reduce its high debt load on the back of improved oil prices and a more disciplined approach to spending.”

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