S&P lifts TNK-BP rating

Standard & Poor's said it raised its long-term corporate credit rating on Russia-based TNK-BP to BB from BB-.

The outlook is stable.

S&P said the rating action follows the company's favorable tax claim resolution, its strong operating and financial performance in 2004, which is expected to continue in 2005, and reflects S&P's expectation that the company will adhere strictly to its publicly stated financial policy, particularly with respect to debt levels and dividends.

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