Moody’s lowered the rating of “Gazprom” and put on review ratings of more than 60 Russian companies – BFM.Ru

Moody's lowered the rating of "Gazprom" and put on review ratings of more than 60 Russian companies – BFM.Ru

This action reflects the fact that the operating environment in Russia has deteriorated dramatically and continues to deteriorate

The international agency Moody’s lowered the credit rating on deposits in foreign currency of the company “Gazprom” and its subsidiaries structures with a negative outlook, as well as put on review for downgrade the ratings of more than 60 Russian companies, including “Tatneft” and “Nizhnekamskneftekhim, reports TASS referring to the statement of the agency posted on its official website.

The downgrade of “Gazprom” reflects the fact that the operating environment in Russia has deteriorated dramatically and continues to deteriorate, increased the risk that the economic downturn will be more severe and prolonged than originally expected, the statement said Moody’s.

The agency’s experts note that “today’s rating actions reflect the recent volatility in regard to changes in the ruble».

Changing the rating of Russian companies will depend, inter alia, on the readiness of the Russian government to support them if necessary.

However, the risk that Russian companies will not be able to find the currency to make payments on its debt, “remains low.” Moody’s also notes that Russia’s foreign exchange reserves “are significant in terms of volume,” although quite quickly spent now.