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Debt and liquidity

31 December 2014 31 December 2015
Short-term credits and loans 61 121 147 319
Long-term credits and loans 502 306 670 779
Cash and cash equivalents (53 167) (114 198)
Short-term deposits (76 658) (49 206)
Net debt 433 602 654 694
Short-term loans and credits / Total debt, % 10.8 18.0
Ratio of net debt to EBITDA in annual terms 1.44 1.90

Source: Company data

The Group’s loan portfolio is diversified and includes syndicated and bilateral loans, bonds and other instruments.

The average debt repayment period decreased from 4.49 years as of 31 December 2014 to 3.50 years as of 31 December 2015.

The average interest rate increased from 3.48% as of 31 December 2014 to 4.38% as of 31 December 2015.

Major independent Chinese rating agency Dagong Global Credit Rating Company Limited assigned Gazprom Neft a high credit rating of ‘АА’ for obligations in Russian currency with a stable outlook.