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Fitch Upgrades Tatneft to 'BBB-'; Outlook Stable

Fitch Ratings has upgraded JSC Tatneft's (Tatneft) Long-term Issuer Default Rating (IDR) to 'BBB-' from 'BB+', with a stable outlook, the rating agency informed.

The upgrade reflects Tatneft's improved business and financial profile following the commissioning and subsequent development of the OJSC Taneco (Taneco) refinery complex. Tatneft's credit profile is supported by low leverage. In 2012 and 2013 Tatneft repaid the majority of the debt it had raised for the construction of first phase of Taneco.

Fitch expects the company will maintain stable oil production and favourable leverage metrics, even if Tatneft decides to double Taneco's capacity to 14 million tonnes per annum (mtpa).

Tatneft's ratings are constrained by its production scale, mature oil reserves (hence higher lifting costs vs Russian peers) and limited production diversification as production is concentrated in the Republic of Tatarstan (BBB/Negative).

JSC Tatneft (tax number: 1644003838) is the sixth largest oil company of the Russian Federation in the extraction volume. As of the start of 2012, the companys proven crude oil and condensate stock (SPE/PRMS) amounted to 870 million tonnes. In 2013, the company increased oil production by 0.4% to 26.107 million tonnes.

IFRS net profit of Tatneft for 2013 decreased by 4% to RUB 70.832 billion. Revenue increased by 2.4% to RUB 454.983 billion from RUB 444.099 billion. Pre-tax profit decreased by 0.5% to RUB 101.3 billion.

According to the DataCapital information retrieval system, RAS net profit of Tatneft for 2013 dropped by 4% to RUB 63.85 billion. Revenue increased by 5% to RUB 363.531 billion from RUB 344.563 billion, GP decreased to RUB 134.992 billion from RUB 136.994 billion.

"AK&M", 18.06.2014 15:20


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