Moody’s acts on Russian corporates

Moody's Investors Service said it assigned Baa3 long-term issuer ratings to 13 Russian non-financial corporates and their family entities, while concurrently withdrawing their Ba1 corporate family ratings (CFR) and Ba1-PD probability of default (PDR) ratings.

The outlooks were changed to positive from stable.

The entities include Gazprom, PJSC, Gazprom Neft PJSC, Tatneft PJSC, Transneft, PJSC, Alrosa PJSC, Russian Railways Co., Lukoil, PJSC, PAO Novatek, NLMK, PAO Severstal, Magnitogorsk Iron & Steel Works, MMC Norilsk Nickel, PJSC and Federal Passenger Co. OJSC.

Moody's also assigned Baa3 long-term issuer ratings with a stable outlook to Inter RAO, PJSC, Sibur Holding, PJSC, PJSC PhosAgro, Bashneft PJSOC, PJSC Oil Co. Rosneft and Rosneft International Holdings Ltd., concurrently withdrawing their Ba1 CFRs and Ba1-PD PDRs.

The agency affirmed the Ba1 CFRs and the Ba1-PD PDRs of Mobile TeleSystems PJSC, MegaFon PJSC, Atomenergoprom, JSC, RusHydro, PJSC, FGC UES, PJSC, Rosseti, PJSC and changed the outlooks to positive from stable.

Finally, Moody's affirmed the Ba2 CFR and the Ba2-PD PDR of Svyazinvestneftekhim JSC and changed the outlook to positive from stable.

The agency said the actions follow Russia's country ceiling for foreign currency debt rising to Baa3/P-3 and the outlook on Russia's long-term issuer Ba1 rating changing to positive from stable.

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