MOSCOW, May 28 (RIA Novosti) - Standard & Poor's
(S&P) has raised its long-term corporate credit and senior
unsecured debt ratings on TNK-BP International Ltd. to BB from
BB, with stable outlook, the international rating agency said
S&P said the rating upgrade for the Russian-British oil
joint venture reflected progress in TNK-BP's corporate
governance resulting from an improvement in the relationship
between the two main shareholders.
The rating agency said that the stable outlook reflected
the agency's expectation that TNK-BP was well positioned to
weather current challenging Russian and oil industry
conditions, thanks to expected continued satisfactory
profitability and free cash flow.