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TNK Becomes Russia's Highest-Rated Corporate Borrower.
12 Dec 2001
Tyumen Oil Company (TNK) on 30 November received the highest foreign-currency issuer rating of any Russian company since the country's1998 financial crisis, PR Newswire reported. The upgrade, by Moody'sInvestors Service from "B2" to "Ba3," makes TNK Russia's highest-rated corporate borrower. "The upgrade by Moody's will help TyumenOil in its continued work on the capital markets and improvesRussia's overall investment climate," said Joseph Bakaleinik, TNK'schief financial officer. Moody's said the foreign-currency issuerrating of Tyumen Oil is stable, and that its local-currency issuerrating would remain at "Ba2" with a stable outlook. Throughacquisitions and capital investment, TNK has grown rapidly into oneof the world's largest oil companies in crude oil reserves andproduction, while cutting costs. Established in 1995, TNK is owned bythe Russian Alfa Group and U.S.-Russian Access/Renova. It has provencrude oil reserves of more than 8.2 billion barrels and produces morethan 840,000 barrels of crude oil per day. (TSK)
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CTF Holdings Ltd.
Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media, technology, as well as other industrial-trade and special-situation investments.
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