OREANDA-NEWS. On 06 May 2008 was announced, that Standard & Poor's raised the long-term credit rating of the oil products system operator JSC “AK “Transnefteproduct” (TNP) from “B+” to “BB-” and the national scale rating from "ruAA-" to "ruAA". At the same time the TNP ratings were output from the CreditWatch list where they had been inserted on April 17, 2007 after announcement about the incorporation with the Oil Transporting JSC “Transneft” (BBB+/Steady). Agency message reports.

“We raised the ratings after having analyzed the effects of the alterations in the shareholding structure on the TNP financial and business risk indexes”, - Andrey Nikolaev, Standard & Poor's credit analytic said.

TNP ratings are based on the self creditability characteristics estimated on the "В+" level with one step allowance for possible extreme support from “Transneft”, more stable and massive mother company owing 100% of TNP shares.

“We expect the ratings rise in case in the nearest 12 months the free operational cash flow is positive by virtue of the cash flow produced by the new oil pipeline “Sever” (“North”) and the existing pipelines and moreover due to the decrease of the capital expenses or in case of closer incorporation of TNP and “Transneft”, - Mr. Nikolaev underlined.