OREANDA-NEWS. June 22, 2012. Fitch Ratings announced that it has upgraded Long-Term Issuer Default Rating of Tatneft to "BB+", the rating outlook is Stable, reported the press-centre of TATNEFT.

"The rating upgrade reflects progress in construction of the Taneco refinery, relatively conservative capex spending plans post-2012 and the expected gradual deleveraging." - states an announcement by Fitch relating to the rating upgrade.

Tatneft's financial stability indicators are one of the strongest amongst Russian companies. The company is a reliable borrower and loans obtained by Tatneft group have been given a number of "deal of the year" awards. The management of Tatneft welcomes the decision by Fitch and is confident about the company's potential to have its credit rating rising in the future.

Forward-looking statements: This press-release and materials mentioned in it contain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release or the materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.