Last checked at 25 Nov 2013 09:47
25 November 2013
Moody's investor Services upgraded Tatneft's credit rating to investment grade "Baa3" with stable outlook
Moody's Investor Services announced that it has upgraded the corporate family and probability of default ratings of Tatneft to investment grade "Baa3", the rating outlook is Stable. It is the first time Tatneft receives an investment grade rating from a leading rating agency.
The upgrade to investment grade rating Baa3 reflects, inter alia, (1) the company's vast reserves base; (2) its low finding and development costs and the availability of developed infrastructure; (3) the company's strong financial metrics, underpinned by low leverage and the absence of significant capital expenditure requirements. The upgrade is also driven by the recent upgrade of the rating of the Republic of Tatarstan, Tatneft's core shareholder, to Baa3 from Ba1.
Full press-release relating to Tatneft's ratings is available on Moody's web-site: www.moodys.com
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.