Moody’s: Tatneft, Sinek, Edel views to negative

Moody's Investors Service said it changed the outlook on the Baa3 ratings of Tatneft OAO and state-owned investment holding company, OAO Svyazinvestneftekhim (Sinek) to negative from stable.

Concurrently, the agency affirmed these ratings.

At the same time, Moody's changed the outlook on the Baa3 senior secured rating of the $250 million worth of loan participation notes (LPNs) issued by Edel Capital SA to negative from stable. The notes were issued for the purpose of financing its loan, guaranteed by Tatarstan, to Sinek Capital SA, a subsidiary of Sinek.

These actions follow Oct. 21 the outlook change on the sub-sovereign rating of the Government of Tatarstan, which is a major shareholder in Tatneft and wholly owns Sinek, to negative from stable. Owing to their status as government-related issuers, the ratings of both Tatneft and Sinek could be constrained by any potential further deterioration in the Government of Tatarstan's creditworthiness, Moody’s said.

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