International rating agency S & P on Tuesday raised the credit ratings of the largest Russian companies. Following Russia's sovereign rating, Gazprom, Transneft, RusHydro, RZhD, with its daughter company in the person of the Federal Passenger Company, Rosseti, FGC UES, Gazprom Neft, Gazprom, Transneft, RusHydro were moved to the "investment" category from the "garbage" , Atomenergoprom and even Vnesheconombank, which in 2015 was on the verge of default and since then receives annually 150 billion rubles from the budget.
Their rating as borrowers in foreign currency is now fixed at the same level as the sovereign rating of the government of the Russian Federation - "BBB-".
"Gift" from the agency did not receive only three major companies - Mosenergo, TKG-1 and Rosneft. The rating of Rosneft was left unchanged - at the speculative level of "BB +".
The company, whose debt exceeded 3.8 trillion rubles, "remains dependent on refinancing from local banks," on which Rosneft has to rely, being cut off from international capital markets, the agency explains.
In December, S & P lowered its stand-alone credit profile (SACP) rating, referring to the fact that the capacity of Russian banks to finance its further expansion is "limited."
At the same time, S & P pointed out, after the introduction of sanctions, the source of funds for the company actually became the printing press of the central bank: "Rosneft" began to conduct REPO transactions, within which Russian banks buy its bonds and immediately mortgage them to the Central Bank. "
Due to debt, Rosneft, Russia's largest oil producer and one of the world's largest producers and reserves, finances its further expansion: $ 5.5 billion was spent on the purchase of Bashneft, $ 3.9 billion on a stake in Indian Essar Oil, more than $ 5 billion was invested in Venezuela, another 1.2 billion - was spent on advance payments under contracts with the Kurdistan.
According to the IFRS report, for 9 months of 2017 Rosneft received from operating activities a cash flow of 196 billion rubles. But investments and capital investments, including foreign ones, "ate" 4 times more - 904 billion rubles.
At the end of the third quarter, Rosneft's short-term debt, to be extinguished or refinanced in the next year, exceeded 2.2 trillion rubles, or $ 40 billion, and the total amount of debt, if you add to it obligations for prepaid shipments to China, 4 times exceeds profit before taxes, depreciation and amortization (EBITDA).
Rosneft, according to S & P, "receives current and, if necessary, extraordinary financial support," including for refinancing debt obligations, but "to date the government of Russia has not been able to work out a long-term solution that would reduce the refinancing risk for the company."