Fitch lifts Lukoil

Fitch Ratings said it upgraded OAO Lukoil's long-term foreign-currency and local-currency issuer default ratings to BBB from BBB-.

The outlook is stable.

The agency also said it affirmed its short-term issuer default rating at F3. Fitch also assigned to the company a BBB senior unsecured rating.

Fitch also upgraded Lukoil International Finance BV's senior unsecured rating to BBB from BBB-.

The upgrades reflect a more positive view on Lukoil's strong upstream and downstream operations and solid credit metrics, which should be maintained until 2016, the agency said.

The ratings are supported by its strong operations, including large hydrocarbon reserves and production and its low-cost position, Fitch said.

Lukoil remains concentrated in Russia, which in 2012 accounted for more than 90% of its proved oil and gas reserves and production volumes, the agency said.

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