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TNK-BP Soon To Approach Credit Rating Agency To Get Its Ratings
08 Oct 2003
Following publication of its financial statements made on the basis of US GAAP, TNK-BP is planning to approach the credit rating agencies of Fitch, Standard and Poor's, and Moody's to get the company ratings assessed. The news was reported by Dennis Nechayev, Deputy Director, Corporate Finance Department, who addressed the bankers' forum in Moscow on October 7. According to earlier reports, TNK-BP will make presentation of its strategic development plans on 16 October in London and 17 October in New-York. D.Nechayev was quoted as saying that TNK-BP liabilities structure as of October 1 amounted to the following: 45% - sales financing, 22% - Eurobonds, 11% - credits from the Russian banks and 11% was project-tied lending (in particular, the Ryazan Oil Refinery and Samotlor oil field development). Mr.Nechayev also said that the proportion of the capital loans by the end of second quarter of 2003 had amounted to 30% of the total company capital.
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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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