Source - SMW
Fitch Ratings has affirmed OAO Novatek's long-term foreign currency issuer default ratings at 'BBB-' with a negative outlook. 

Fitch says the rating reflects Novatek's strong business profile as a large Russian natural gas producer and exporter of refined and crude liquids, its moderate debt load, which the agency expects to decline in the short term, and projected positive free cash flow. 

The rating also takes into account Novatek's constrained access to international debt markets because of the US sanctions, and diminishing though still present completion risks associated with its Yamal LNG megaproject.