Fitch ups TNK eurobond to BB+

Fitch Ratings said it upgraded TNK International Ltd.'s senior unsecured foreign currency rating to BB+ from BB and the rating for its senior secured debt to BBB- from BB+. It has also upgraded the long-term rating on TNK's $700 million 2007 eurobond to BB+ from BB. The outlook is stable.

Fitch said the ratings upgrade reflects TNK's improving operating performance and prudent financial policy, which are expected to continue.

Additionally, Fitch said increased export capacity afforded by the Odessa-Brody pipeline reversal and new rail loading facility and increased reserve replacement in combination with the renewal of TNK's asset base enhance the overall creditworthiness of the group.

© 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.