Moody's lifts Tatneft to Baa3/Aaa.ru

Moody's Investors Service said it upgraded the rating of Tatneft OAO to Baa3 from Ba1 and converted the company's corporate family rating into a long-term issuer rating, in line with the rating agency's practice for corporate with investment-grade ratings.

Moody's Interfax Rating Agency also upgraded Tatneft to Aaa.ru from Aa1.ru.

Concurrently, the agency withdrew Tatneft's Ba1-PD probability of default rating. The action was prompted by the upgrade of the sub-sovereign rating of the Tatarstan Republic.

The outlook is stable.

"We have upgraded Tatneft's rating because in our view the company is less exposed to the risk of the Tatarstan Republic making cash calls on it as a government-related oil & gas entity, given the strengthening of the republic's credit profile following the federal government's decision to roll over all of Tatarstan's direct debt," Julia Pribytkova, Moody's vice president, senior analyst and lead analyst for Tatneft, sai din a news release.

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