Fitch affirms TNK-BP

Fitch Ratings said it affirmed TNK-BP International Ltd.'s long-term foreign currency and local currency issuer default ratings at BBB- with stable outlook.

Other ratings that have been affirmed are foreign currency senior unsecured at BBB- and short-term foreign currency issuer default rating at F3, the agency said.

The ratings reflect Fitch's opinion that TNK-BP's $1.8 billion announced acquisition of a number of BP plc's (A/stable/F1) upstream assets in Venezuela and Vietnam does not materially affect TNK-BP's financial profile or leverage.

Fitch said it anticipates the company will be able to keep funds from operations interest coverage above 10x and FFO adjusted net leverage around 1x in 2011/

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.