REUTERS
Moody's Investors Service has downgraded to Ba1 from Baa3 the ratings of 14 Russian non-financial corporates and their supported subsidiaries, following the downgrading of Russia's sovereign rating, Russian information agency RBC has reported on its Web site.
The list includes, namely, Gazprom, Gazprom Neft, Rosneft, Novatek and Lukoil. In addition it has also downgraded to Ba1 level the ratings of Norilsk Nickel, NLMK, Railways, BRIC, Fosagro MTS and Megaphone. The agency confirmed the rating of Severstal at Ba1.
On February 21, Moody's downgraded the sovereign credit rating of Russia from Baa3 to Ba1 level, which is considered the "junk" grade.
A few days later Moody's lowered the ratings of seven of Russia’s largest banks, including Sberbank, VTB and Gazprombank.