Moody’s Investors Service downgrades Nayara Energy

MUMBAI : Moody’s Investors Service has downgraded Nayara Energy Limited’s rating to Ba3 from Ba2 and changed the outlook on the rating to negative from stable, it said in a statement today.

Russian oil giant Rosneft-led Nayara Energy operates a 20 million tonnes a year oil refinery at Vadinar, Gujarat.

“The downgrade to Ba3 reflects the significant deterioration in Nayara’s credit metrics, driven largely by the weak refining margin environment in Asia,” said Sweta Patodia, Moody’s Lead Analyst for Nayara.