Moody's ups TNK, Tyumen Oil

Moody's Investors Service said it upgraded the senior implied rating of TNK International to Ba1 from Ba2. At the same time, the rating agency upgraded to Ba2 from Ba3 the rating of JSC Tyumen Oil Co.'s $700 million loan participation notes due 2007.

Furthermore, Moody's upgraded the foreign currency issuer rating of JSC Tyumen Oil Co. to Ba2. The outlook is stable.

Moody's said the upgrade reflects the sustained strong underlying performance of TNK-BP, notable improvements in the company's operational performance and efficiency and similar improvements in corporate governance and financial transparency.

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