S&P upgrades ratings of major Russian companies

International rating agency S&P raised the credit ratings of several major Russian companies, including Gazprom, Transneft, Rushydro, and Russian Railways, following the increase in the Russian sovereign rating, according to a press release of the agency.

The long-term ratings of Transneft in foreign and national currencies were raised from BB+ to BBB-, Gazprom - from BBB-to BBB, Rushydro - from BB+ to BBB-. Long-term ratings of Russian Railways for foreign currency obligations have been raised from BB+ to BBB-. The outlook for all ratings is "stable."

The rating of Atomenergoprom (part of state corporation Rosatom) was raised from BB + to BBB-, FGC UES - from BB+ to BBB-, Gazprom Neft - from BB+ to BBB-, Rosseti - from BB+ to BBB-, and Federal Passenger Company (Russian Railways subsidiary) - from BB+ to BBB-. The outlook on the ratings is also "stable."

In addition, S&P confirmed the ratings of Rosneft, TGC-1 and Mosenergo at BB+ with a "positive" outlook.

S&P earlier raised Russia's credit rating to the investment grade BBB-from the former speculative BB+, and the outlook on the ratings was changed from "positive" to "stable".