Moody's: Outlook negative for Gazprom, Rosneft

Moody's Investors Service said it confirmed the Baa1 ratings of government-related issuers OJSC Gazprom and OJSC Oil Co. Rosneft and the Baa1 ratings of their respective guaranteed debt-issuing subsidiaries. Also affirmed were the Baa2 ratings of Gazprom Neft JSC, the Baa1 ratings of Rosneft International Holdings Ltd. and the respective ratings of their guaranteed debt-issuing subsidiaries. The outlook on all ratings is negative.

These rating actions follow Moody's confirmation of Russia's Baa1 government bond rating and assignment of a negative outlook.

The agency said the confirmation of Gazprom's and Rosneft's ratings reflects Moody's view that the companies' ratings are closely aligned with that of the sovereign and that they remain sensitive to changes in sovereign creditworthiness.

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