S&P boosts Rosneft

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt ratings on Rosneft to BB from B+.

The outlook is stable.

S&P noted that the rating action reflects the substantial repayment of $7.3 billion of short-term debt at the level of Rosneft's parent, Rosneftegaz (not rated).

The agency said that Rosneft's credit metrics continue to be below those of its main Russian peers, however, while its aggressive growth strategy and appetite for acquisitions could result in a renewed rise in its debt.

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