S&P gives Transnefteproduct B+

Standard & Poor's said it assigned its B+ long-term corporate credit rating to OJSC AK Transnefteproduct (TNP).

The outlook is positive.

At the same time, S&P said it assigned its AA-(ru) Russia national-scale rating to TNP.

S&P added that the ratings reflect key risks associated with the company's large, new pipeline project "the North,".which requires investment of up to $1.3 billion, constituting TNP's major capital expenditures until mid-2007.

These factors are offset to a certain extent by TNP's strong position on export routes, regulation that allows the flexibility to compete with alternative transportation and the company's currently unleveraged financial profile, the agency noted.

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