Fitch upgraded Tatneft's rating to "BB+"

Fitch upgraded Tatneft's credit rating to "BB+" with stable outlook

20 June 2012

Today Fitch Ratings announced that it has upgraded Long-Term Issuer Default Rating of Tatneft to "BB+", the rating outlook is Stable.

"The rating upgrade reflects progress in construction of the Taneco refinery, relatively conservative capex spending plans post-2012 and the expected gradual deleveraging." - states an announcement by Fitch relating to the rating upgrade.

Tatneft's financial stability indicators are one of the strongest amongst Russian companies. The company is a reliable borrower and loans obtained by Tatneft group have been given a number of "deal of the year" awards. The management of Tatneft welcomes the decision by Fitch and is confident about the company's potential to have its credit rating rising in the future.

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