Standard & Poor’s Ratings Service (S&P) announced that it had raised its long-term corporate credit rating on OJSC Oil Company Rosneft to «BBB-» from «BB+» boosting the company to the investment-grade level. The outlook is stable.

The upgrade “reflects an improvement in Rosneft’s stand-alone credit quality, thanks to a stronger business profile and credit metrics, and gradually improving liquidity,” said Standard & Poor’s. S&P also emphasized Rosneft’s recent progress in refinancing its substantial short-term debt, vast proven reserves and large-scale production, and unique organic growth track record and prospects.

Rosneft reduced net debt by more than $4 billion in Q4’07-Q1’08 and is targeting a reduction in leverage to 1x Debt/EBITDA by 2010.