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S&P ups Transnefteproduct
Standard & Poor's said it raised the long-term corporate credit rating on OJSC AK Transnefteproduct to BBB- from BB+, along with its Russia national-scale rating to ruAAA from ruAA+.
The outlook is stable.
The agency also said it affirmed its BBB long-term rating on OAO AK Transneft, Transnefteproduct's 100% parent.
The outlook is stable.
The upgrade reflects an understanding that Transnefteproduct is now fully integrated into Transneft, S&P said.
The agency said it understands that Transnefteproduct's large north pipeline project has begun working and the south project has been delayed, so that any significant capital expenditures for the south project will not start before 2014.
S&P said it expects Transnefteproduct's free operating cash flow to stay positive and credit metrics to remain robust.
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