MOSCOW, July 31 (RIA Novosti) - International rating agency Standard & Poor's said Monday it had raised its long-term corporate credit and senior unsecured debt ratings on Russian state-controlled oil company Rosneft to BB from B+ with a stable outlook.
"The rating action reflects the substantial repayment of $7.3 billion of short-term debt at the level of Rosneft's parent, Rosneftegaz," S&P credit analyst Tatyana Kordyukova said.
The debt had been guaranteed by Rosneft, and was repaid using the proceeds from the company's successful initial public offering.
