Moody's upgrades Rosneft

Moody's Investors Service said it upgraded the issuer rating of Rosneft International Holdings Ltd. (formerly TNK-BP International Ltd.) to Baa1 from Baa2 and the senior unsecured ratings of its guaranteed subsidiary Rosneft Finance SA (formerly TNK-BP Finance SA) to Baa1/(P)Baa1 from Baa2/(P)Baa2, and converted the company's corporate family rating (CFR) into a long-term issuer rating, in line with the rating agency's practice for corporate with investment-grade ratings.

The action reflects Moody's obtaining a better view of Rosneft's strategy vis-a-vis RIHL and its rated debt, and concludes the review initiated by Moody's on Oct. 24, 2012, when OJSC Oil Co. Rosneft announced its intention to acquire 100% of TNK-BP International Ltd. from its shareholders BP plc and a consortium of Russian private investors, AAR (not rated).

The outlook is negative.

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