Standard & Poor's said Wednesday it had raised Gazprom Neft's [RTS: SIBN] corporate rating to "BBB-" from "BB+", with a stable outlook, after the company confirmed the acquisition of 50% in Russian oil producer Tomskneft, RIA Novosti reports.
The company's Russia national scale rating was affirmed at "ruAA+".
"The upgrade reflects Gazprom Neft's strengthening stand-alone credit quality due to a more diversified business profile and still-robust financials," S&P credit analyst Yelena Anankina said.
"It also reflects greater clarity about Gazprom Neft's financial policy and about the commitment of Gazprom Neft's 76% parent, OAO Gazprom, to expand its oil activities," she said.