Moody's disappoints Russia's oil and gas sector

Moody’s rating agency has lowered the ratings of the leading companies in the Russian oil and gas sector - Gazprom, Gazprom Neft, Rosneft, Lukoil and Novatek - from Baa3 to Ba1 with a negative outlook. 

The agency cited the worsening macroeconomic and financial climate in Russia as a reason for lowering the ratings of the companies, as well as for downgrading Russia’s sovereign debt rating.

The negative outlook on the companies reflects a similar outlook on the sovereign rating, RIA Novosti reports.