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Research Update: Russian TNK-BP International Ltd.'s 'BB' Long-Term Rating On Watch Pos; S-T Rating Affirmed May 06 Product Image

Research Update: Russian TNK-BP International Ltd.'s 'BB' Long-Term Rating On Watch Pos; S-T Rating Affirmed May 06

  • ID: 1823253
  • May 2006
  • Region: Global, Russia
  • Standard & Poors

Abstract
On May 12, 2006, Standard & Poor's Ratings Services placed on CreditWatch with positive implications its 'BB' long-term corporate credit rating on Russian oil major TNK-BP International Ltd. (TNK-BP). At the same time, Standard & Poor's affirmed its 'B' short-term rating on the company. The rating action reflects the possibility of a maximum one-notch upgrade in the coming months. Any upgrade will depend on the group's sustained ability to deal with Russian operational risks. These include the handling of remaining 2002 and 2003 back tax claims, which should be manageable given TNK-BP's current very strong financial position. We will also seek further confirmation on the group's continued ability to extend existing licenses and successfully bid for new ones, and develop...

Companies mentioned in this report are: TNK-BP International Ltd.,BP PLC,TNK-BP Ltd.,TNK-BP Finance S.A.
Action: Affirmed
Action: On CreditWatch:Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit READ MORE >

TNK-BP International Ltd.,BP PLC,TNK-BP Ltd.,TNK-BP Finance S.A.

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