On 13/9/2013 International Rating Agency Moody’s (hereinafter referred to as the Agency) confirmed the Company’s long-term credit ratings against the global and national scales at levels Baa1 and Aaa.ru, respectively. At the same time, the Agency increased the individual credit rating of Transneft, JSC (baseline credit assessment – BCA) from bаа3 to bаа2. The rating outlook is stable.
The increased individual credit rating indicates the improved rating of the Company’s creditworthiness due to successful completion of major investment projects or completion their key stages. The Agency points out the improved trend in the free cash flow and assumes that the Company will be able to rely on the government support further on, and the amounts planned for the investment program will be estimated with reference to rate-related solutions and amounts of dividend payments.
The long-term credit ratings of the Company are at the highest levels attainable by Russian issuers and match the sovereign ratings of the Russian Federation.