Fitch ups Tengizchevroil

Fitch Ratings said it upgraded Tengizchevroil Finance Co. Sarl's series A senior secured notes to BBB+ from BBB.

The outlook is stable.

Fitch said the upgrade, which follows a previous upgrade in July 2012, reflects a further reduction in downside risk to the notes given the short time period remaining to their maturity in November 2014.

The ratings are supported by the continuing stable operating performance and strong financial performance of the operating company, Tengizchevroil LLP (TCO). Kazakhstan's sovereign rating upgrade to BBB+ from BBB in November 2012 is a further factor in the upgrade of the notes' rating, which would otherwise have been constrained by the sovereign's foreign currency issuer default rating, the agency said.

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