Fitch affirms TNK-BP program

Fitch Ratings said it affirmed TNK-BP Finance SA's MTN program at long-term BBB- and short-term F3, following the increase in the size of the program to $8 billion from $5 billion.

At the same time, Fitch said it has assigned TNK-BP Finance's proposed eurobond issue under the program an expected BBB- rating.

Under the terms of the securities, the noteholders will rely on a senior unsecured guarantee from TNK-BP International Ltd. (BBB-/stable outlook) for repayment, the agency said.

Despite the increase of the program size, Fitch said it does not expect this change to lead to a material deterioration in TNK-BP International Ltd's credit metrics.

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