Fitch affirms Tengizchevroil

Fitch Ratings said it affirmed Tengizchevroil Finance Co. SARL's series A senior secured notes at BBB- and revised the outlook to positive.

The rating and outlook are supported by the Kazakh oil company Tengizchevroil LLP's strong operational and financial performance resulting from increased production and high oil prices, the agency said.

The company's crude oil production increased by 15% in 2010, averaging 566,000 barrels of oil per day and reached 567, 257 barrels of oil per day in H111, the agency added. Although the company remains exposed to volatile commodity prices, it is benefiting from favorable market conditions.

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