Dagong AAA rating for Gazprom opens way for Hong Kong listing

Dagong Global credit rating agencyDagong AAA rating for Gazprom: China’s Dagong Global rating agency has given Gazprom its highest possible AAA rating which should open the way for the Russian energy giant to place shares on the Hong Kong stock exchange, according to the agency’s president Guan Jianzhong. “The rating reflects a very high potential of the company,” he said, adding that the company had the potential to develop its operations in the Asia-Pacific region.

He does not believe that US and EU sanctions would significantly affect Gazprom’s financial solvency.

 “The company is a key gas supplier to the European countries,” he argued. “Although the EU states imposed economic and financial sanctions against Russia,…. they will not take any actions against Gazprom,” he predicted.

Dagon has also given the Russian economy as a whole an unexpected vote of confidence by keeping its rating at A. This is in stark contrast to the judgements of both S&P and Fitch who in recent months have downgraded the country’s credit status to junk and BBB- respectively. “Despite the fact that the Russian economy is under the influence of the deteriorating external environment, the level of foreign exchange reserves of Russia provides the necessary buffer for the Russian economy, while maintaining a relatively small gap between the resources to meet their debt obligations and the ability to produce wealth,” the agency forecast this weekend. Rosbalt, ITAR-TASS