Fitch affirms Rosneft

Fitch Ratings said it affirmed OJSC Rosneft's long-term foreign- and local-currency issuer default rating at BBB-, along with Rosneft Capital SA's $15 billion loan participation notes program at BBB-.

The outlook remains positive.

The affirmation reflects Rosneft's strong competitive position as Russia's largest oil company with strong reserve base supported by good exploration potential and large scale of operations, Fitch said.

The ratings benefit from the state's majority ownership and intangible support, which is especially important for the company given its fast and recent acquisition-driven growth, the agency said.

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