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Fitch affirms Rosneft
Fitch Ratings said it affirmed OJSC OC Rosneft's long-term foreign- and local-currency issuer default ratings at BBB- and foreign-currency senior unsecured rating at BBB-.
The outlook is stable.
The affirmation follows news that Rosneft agreed to acquire Petroleos de Venezuela SA's 50% stake in Ruhr Oel GmbH for $1.6 billion, Fitch said.
The agency said it expects this transaction to have a neutral impact on the group's credit metrics in the short-term as the company plans to fund the acquisition from internally generated cash flow, the agency said.
Fitch also forecasts a more favorable oil industry environment, making the company better placed among its Russian oil and gas peers.
The acquisition should enhance Rosneft's business profile through further downstream integration and geographic diversification of its refining operations, the agency added.
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