Fitch affirms Tatneft

Fitch Ratings said it affirmed OAO Tatneft's long-term issuer default rating at BB and its short-term issuer default rating at B.

The outlook is stable.

The ratings are supported by the company's improved corporate governance, substantial and developed hydrocarbon reserves and their long remaining life, Fitch said.

The ratings are constrained by the need to refinance a $2 billion bank facility by June 2010, the agency said. The ratings are further limited by the characteristics of Tatneft's asset base - mature oil reserves with a high sulphur content - high lifting costs and a low basic replacement ratio, Fitch added.

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