Russia's largest oil company Rosneft announced repaying USD 5.1bn worth of club loans that were raised for the acquisition of country's third largest oil producer TNK-BP this year. The company generates sufficient cash flows to be covering the debt ahead of schedule, head of the company Igor Sechin commented. In October, Fitch Ratings downgraded the long-term local and foreign currency Issuers Default Rating (IDR) of Rosneft from BBB to BBB-, while taking the rating off the Rating Watch Negative (RWN). Outlook on the rating is Stable. This month, Moody's Investors Service changed the outlook on the Baa1 rating of Rosneft from Negative to Stable. The outlook was improved as Ronseft's liquidity profile strengthened in the recent months. The agency also notes increased visibility regarding long-term financial profile plans, which addresses uncertainties that led to a downgrade of the outlook to Negative in June 2013 .
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