OREANDA-NEWS. Fitch Ratings has today assigned BVI-based oil and gas producer Tristan Oil Ltd's USD300m notes maturing 2012 a senior unsecured rating of "B+", a Recovery rating of "RR4" and an Issuer Default rating of "B+" with Stable Outlook.

Although the company classifies the notes as senior secured, Fitch views the collateral in place as being insufficient to meet creditor claims and has therefore assigned a senior unsecured rating.

Tristan is a small upstream crude oil and natural gas exploration and production ("E&P") group operating in the Pre Caspian Basin in Kazakhstan. It therefore has a business profile that is limited not only by its scale, but also by its vulnerability to volatile crude oil prices.