facebook
twitter
rss
account
search
search
 

S&P upbeat on TNK-BP

Oct. 25, 2012 at 7:40 AM   |   Comments

MOSCOW, Oct. 25 (UPI) -- International credit-rating agency Standard and Poor's gave a positive outlook to Russian oil company TNK-BP following a shareholder shakeup, the agency said.

The agency, in a statement to Russia's state-run news agency RIA Novosti, said it gave a BBB- long-term rating to TNK-BP and an A-3 short-term for the joint venture.

"The rating actions follow an announcement by Russian state-controlled oil company Rosneft OJSC that it had agreed in principle to purchase a 50 percent stake in TNK-BP from BP PLC for $17.1 billion in cash and 12.84 percent of treasury shares," the statement read. "Rosneft also intends to buy another 50 percent of TNK-BP from the Russian consortium AAR for $28 billion."

AAR -- Afla-Acess-Renova -- represented the Russian half of TNK-BP. Both sides of the venture were at odds over corporate direction.

Moody's Investors Service said Wednesday it put the venture on a downgrade review following the announcements.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Deloitte: App downloads dwindle, 1 in 3 users disinterested
2
Oil spill reported in North Dakota
3
DNO committed to Kurdish oil
4
AESA radar integrated into new F-16V
5
Gas prices dropping, Energy Department says
Trending News
Video
x
Feedback