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MOSCOW, January 22. /TASS/. The international rating agency Moody's placed the ratings of 32 integrated oil, exploration and production, and oilfield services companies in the EMEA region on review for downgrade as it has "adjusted its view downward for the likely range of prices," the agency reported on Friday. Among those affected are Russia’s oil and gas majors Lukoil, Bashneft, Rosneft, Tatneft, Gazprom, Gazprom Neft, Novatek as well as Nord Gold, MMK, Metalloinvest, Alrosa, Uranium One.
The review for downgrade considers that "much weaker industry fundamentals have potential to warrant rating changes" for the companies covered, Moody’s said.
"We see a substantial risk that prices may recover much more slowly over the medium term than many companies expect, as well as a risk that prices might fall further. Even under a scenario with a modest recovery from current prices, producing companies and the drillers and service companies that support them will experience rising financial stress with much lower cash flows," the report said.
As part of its ongoing assessment of energy markets, "Moody's sharply reduced its oil price assumptions in light of continuing oversupply in the global oil markets and demand growth that remains tepid," the agency said. According to the report, "our natural gas and natural gas liquids price assumptions are unchanged."