Fitch Ratings assigned JSC Gazprom Neft (GPN) Long-term foreign and local currency Issuer Default Ratings (IDRs) of 'BBB', with a Stable Outlook, the rating agency informed.
The 'BBB' rating reflects the company's strong upstream and downstream operations, moderately diversified reserve base, solid operational metrics and conservative leverage, which may moderately increase from intensified upstream capex.
The rating also includes the discount for corporate governance and country risks Fitch usually applies when rating Russian corporates.
Gazprom Neft (tax number: 5504036333) ranks fifth largest oil producer in the Russian Federation. Gazprom Neft and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in the company's fields exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.
Net profit (IFRS) of OJSC Gazprom Neft for 2012 increased by 10.2% to RUB 176.67 billion. Revenue rose by 19.5% year-on-year to RUB 1.23 trillion.
According to the information and retrieval system DataCapital, RAS net profit of Gazprom Neft for 9 months 2013 dropped by 22% to RUB 51.681 billion. Revenue went up 9% to RUB 735.62 billion, GP increased by 20% to RUB 118.209 billion. Pre-tax profit decreased by 16.1% to RUB 62.7 billion