Fitch affirms Tatneft at ‘ BBB -‘

Fitch Ratings 31 Oct affirmed the long-term Issuer default rating of JSC Tatneft at the level of “BBB-” and short-term IDR of “F3”. The Outlook on the longterm rating is “stable”.

“The affirmation reflects the strong financial position of the company after the commissioning and subsequent development of oil refining complex TANECO. Company’s creditworthiness is supported by low leverage: net leverage corrected for funds from operations (FFO) amounted to 0.1 x as at the end 2015 and end 2016, which is the lowest among the comparable Russian oil and gas companies, Fitch-rated,” notes Fitch.

Fitch affirms Tatneft at ‘ BBB -‘ 02.11.2017

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