Moody's affirms TNK

Moody's Investors Service said it affirmed the Ba2 senior implied rating of TNK International and Ba3 rating of TNK's $700 million loan participation notes due 2007 following the announcement that the TNK-BP group is to be restructured.

Moody's said it believes that the restructuring will be of modest rating benefit and maintains its positive outlook on the loan participation notes.

TNK-BP announced its intention to restructure

e itself by establishing a new Russian holding company which will consolidate the Russian interests of the various group companies including those of TNK's parent and guarantor, TNK International. These will be merged into the new Russian holding company and the minority interests consolidated.

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