Russia-linked Nayara Energy put under credit watch, says CARE Ratings
NEW DELHI (Reuters) – India’s CARE Ratings Monday said it has placed the long-term ratings of Indian refiner Nayara Energy, part owned by Russia’s Rosneft, on ‘credit watch with negative implications’ due to sanctions against Moscow for its invasion of Ukraine.
Oil major Rosneft owns a 49.13% stake in Nayara while a similar-sized holding is split between global commodities trading house Trafigura and Cyprus-based Russian investment group United Capital Partners.
CARE has put the ratings of Nayara’s long term bank loan of 171.5 billion rupees ($2.23 billion) and non-convertible debentures of 25.42 billion rupees under credit watch with negative implications, it said in a statement.
