International rating agency Moody's has confirmed Tyumen Oil Company's (TNK) default unsecured rating and its rating for foreign currency bonds at the "Ba3" level. The default secured rating for TNK International is at the "Ba2" level.
According to the agency's news release, the overall rating forecast is positive.
Previously, after TNK International purchased 50 percent of Slavneft's stocks, Moody's predicted a possible rating reduction for the company.
The positive rating forecasts reflect a substantial cash inflow generated by TNK International. This inflow allows the company to stay solvent in spite of a large outstanding debt, the agency's news release said.
According to Moody's, BP's holdings in "TNK-BP" will a have a stabilizing effect on TNK's long-term debts and may contribute to the future growth of the rating.