S&P rates TNK-BP debt BB, B

Standard & Poor's said it assigned its BB senior unsecured long-term and B short-term debt ratings to the $5 billion debt issuance program issued by TNK-BP Finance SA and its parent TNK-BP International Ltd.

At the same time, S&P said it assigned its B short-term corporate credit rating to TNK-BP International Ltd. and its parent, TNK-BP, reflecting the group's healthy liquidity position.

The agency said the ratings on the debt issuance program reflect the ratings on TNK-BP International, which reflect the company's vast reserves, substantial production, vertically integrated structure and high cash-generating capacity.

The ratings remain constrained, however, by the general risks of the Russian oil industry, including a large and volatile tax burden and various institutional risks, S&P said.

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