Last checked at 18 Jun 2014 11:49
18 June 2014
Fitch upgraded Tatneft's credit rating to investment grade "BBB-" with Stable outlook
Fitch Ratings announced today that it has upgraded Tatneft's Long-term Issuer Default Rating (IDR) to "BBB-", the rating outlook is Stable.
According to Fitch Ratings, the upgrade reflects Tatneft's improved business and financial profile following the commissioning and subsequent development of the Taneco refinery complex, and is based on the agency's expectations of Tatneft maintaining stable oil production and favorable leverage metrics, even if the company decides to increase Taneco's capacity to 14 million tonnes per annum.
Now, following the upgrade from Fitch Ratings and a decision of Moody's Investor Services in November of 2013 to assign Tatneft "Baa3" credit rating, the company now carries investment grade ratings from two major agencies.
Full press-release relating to Tatneft's ratings upgrade is available on Fitch Ratings' web-site:
https://www.fitchratings.com/creditdesk/infocenter/lstpresrel/pressrel.cfm
Forward-looking statements: This press-release and materials mentioned in it contain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release or the materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.