Fitch upgrades Tatneft

Fitch Ratings said it upgraded Russia-based Tatneft's issuer default rating to B+ from B and affirmed the short-term rating at B.

The outlook remains positive.

The upgrade is based on the completed filing of the company's audited 2005 GAAP financial results and the publication of results for the first half of 2006 based on US GAAP, the agency said. This most recent filing now brings the company in line with peers in information disclosure and revealed a number of positive results, including an extension of a key production license, reduced borrowings and a reorganization plan to allow management to focus on the company's core businesses.

Fitch said the positive outlook reflects its view that operating performance will continue to improve, recent corporate governance problems relating to the timely filing of financial statements will be resolved and Tatneft will be able to significantly enhance its business profile with the commissioning of its new refinery at Nizhnekamsk.

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