OREANDA-NEWS. Fitch Ratings has put all ratings of Joint Stock Oil Company Bashneft (Bashneft) on Rating Watch Negative (RWN) following charges levied against Vladimir Evtushenkov, the majority shareholder and Chairman of the Board of Directors of Sistema Joint Stock Financial Corporation, in connection with legalisation of shares of BashTEK group.

Fitch believes the consequences may be potentially negative for Bashneft but the likelihood of negative developments and the exact impact may not be estimated at this stage. Sistema made an announcement that Mr. Evtushenkov was charged with legalisation of shares of BashTEK group. Sistema's management believes that the acquisition of BashTEK group was legal and transparent.

Rating sensitivities

More clarity on the developments following charges against Mr. Evtushenkov may resolve RWN. The ratings may be affirmed or downgraded.

Full list of rating actions:

Long-Term Issuer Default Rating of 'BB': placed on RWN

Short Term Issuer Default Rating of 'B': placed on RWN

Local Currency Long Term Issuer Default Rating of 'BB': placed on RWN

Local Currency Short Term Issuer Default Rating of 'B': placed on RWN

National Long-Term Rating of 'AA-(rus)': placed on RWN

Senior Unsecured Ratings of 'BB' and 'AA-(rus)': placed on RWN