Moody's Investors Service has downgraded the ratings of Rosneft, Gazprom Neft and 6 other non-financial corporations and their subsidiaries after downgrading Russia's sovereign rating, which it announced in a statement.

In particular, Moody's downgraded to Baa3 from Baa2 the ratings of the following companies: Rosneft and its subsidiaries Rosneft Finance SA, Rosneft International Finance Limited and Rosneft International Holdings Limited; Gazprom Neft and its subsidiary GPN Capital S.A., the Federal Passenger Company, Lukoil and its subsidiary LUKOIL International Finance, MMC Norilsk Nickel and its subsidiary MMC Finance Ltd., Russian Railways and its subsidiary RZD Capital Plc.

The Irkut corporation's ratings have been downgraded to Ba3 from Ba2.

The Federal Grid Company (FGC) UES' ratings have been downgraded to Ba1 from Baa3.

All these ratings have been placed under review for further possible downgrade.

The rating action followed Moody's decision to downgrade Russia's sovereign ratings to Baa3 from Baa2 on January 16, 2015.