Dagong Global rating agency has given Gazprom the “AAA” long-term issuer credit rating.
BEIJING, February 2– The Chinese Dagong Global rating agency has given Russian energy giant Gazprom the “AAA” long-term issuer credit rating for both local and foreign currencies, with a stable outlook.
“The ratings reflect Gazprom’s extremely strong wealth creation capability, and the very low degree of deviation between its available repayment sources and wealth creation capability. Quite a few of Gazprom’s core indicators are among the best in global integrated oil and gas industry,” Dagong said in a press release Monday.
The credit rating agency stressed that the sanctions imposed by the West on Russia over its alleged involvement in the situation in Ukraine have hardly affected Gazprom.
“The sanctions imposed by the US and EU as well as the short-run deterioration of the Russian economy impose little impact on the repayment capacity of Gazprom. The local currency repayment capacity and foreign currency repayment capacity are both extremely strong,” Dagong said in its press release.
According to the statement, Russia has created “broad prospects” for Gazprom to develop the Asia-Pacific market, which has contributed to improvements in its medium- and long-term profitability.
Meanwhile last month Moody’s, one of the world’s top three rating agencies, lowered Gazprom’s foreign-currency rating from Baa2 to Baa3 and downgraded its local-currency rating from Baa1 to Baa2.
The Russian economy is currently suffering a downturn due to a dramatic decrease in global oil prices and geopolitical tensions. Standard & Poor’s (S&P), Fitch and Moody’s, have recently downgraded Russia’s credit ratings.
However, several Russian officials have stressed that the rating downgrades are politically motivated and are unlikely to have any serious macroeconomic consequences for Russia.