Moody’s trims RussNeft

Moody’s Investors Service said it downgraded RussNeft PJSC's corporate family rating to Caa2 from Caa1 and probability of default rating to Caa3-PD from Caa1-PD.

RussNeft's outlook remains negative.

“Today's downgrade of RussNeft's PDR to Caa3-PD reflects a significantly increased likelihood of default, including a potential debt restructuring, over the next 12-18 months on the company's financial debt represented mostly by a bank loan of total outstanding $1.17 billion as of year-end 2019, because of the company's persistently very weak liquidity, which has been amplified by the severe drop in oil prices and aggressive liquidity management,” the agency said in a news release.

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