Fitch upgrades Tatneft' OAO to BBB-

Wednesday, 18 Jun 2014 03:52am EDT 

Tatneft' OAO:Fitch Ratings (Fitch) has upgraded Tatneft's (Tatneft) long-term issuer default rating (IDR) to BBB- from BB+.The outlook is stable.The upgrade reflects Tatneft's improved business and financial profile following the commissioning and subsequent development of the OJSC Taneco (Taneco) refinery complex.Tatneft's credit profile is supported by low leverage with funds from operations (FFO) adjusted gross leverage of 0.4x in 2013, the lowest among Russian oil and gas peers.Fitch expects the company will maintain stable oil production and favourable leverage metrics, even if Tatneft decides to double Taneco's capacity to 14 million tonnes per annum (mtpa). 

Company Quote

-1.06 -4.21%
30 Jan 2015