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.
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