Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Thomas Haegin who wrote (203)	6/8/1998 5:42:00 AM
From: Thomas Haegin	of 1301

Repost: Tatneft & Siberian Oil Cut to 'BB' RatingAlert Negative: Fitch IBCA ÿ PR Newswire - June 05, 1998 12:17 ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ AO Tatneft and AO Siberian Oil Company Downgraded;ÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Placed on RatingAlert Negative ÿÿÿÿÿ LONDON, June 5 /PRNewswire/ -- In conjunction with its downgrade of the Russian Federation's Long-term foreign currency rating to 'BB' and placing it on RatingAlert negative, Fitch IBCA also downgrades the Long-term rating of the Russian oil companies it rates from 'BB+' to 'BB' and places them on RatingAlert negative.ÿ The companies affected are AO Tatneft, Tatneft Finance plc and AO Siberian Oil Company. AO Tatneft is one of Russia's largest upstream oil companies, producing 23 million tonnes of crude oil per year. The ratings for AO Tatneft and for Tatneft Finance plc, the special purpose vehicle guaranteed by AO Tatneft, remain constrained by the sovereign foreign currency rating of the Russian Federation. AO Sibneft is one of Russia's major vertically integrated oil companies and the seventh largest producer of crude oil in Russia, with output level of 18.2 million tonnes and a refining capacity of 19.5 million tonnes per year in 1997.ÿ The rating for AO Sibneft remains constrained by the sovereign foreign currency rating of the Russian Federation. The Long-term rating of 'BB' cannot be applied directly to debt securities issued by AO Sibneft or by its subsidiaries.ÿ In assigning such individual security ratings, structural issues must be taken into account, which include potential structural subordination of the debt to other capital providers and also the location of that debt relative to operating assets. SOURCEÿ Fitch IBCA, Inc.ÿÿÿÿ -0-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 06/05/98 /CONTACT:ÿ Larissa Malycheva or Richard Hunter, both of Fitch IBCA, 44

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