Moody's affirms Tatneft, SINEK ratings, worsens outlook
MOSCOW. Oct 23 (Interfax) - Moody's Investors Service has changed to negative from stable the outlook on the Baa3 ratings of oil company Tatneft and state-owned investment holding company, Svyazinvestneftekhim (SINEK), the agency said in a press release.
Concurrently, Moody's has affirmed the Baa3 ratings of both companies.
At the same time, Moody's has changed to negative from stable the outlook on the Baa3 senior secured rating of the $250 million worth of loan participation notes (LPNs) issued by Edel Capital S.A. for the sole purpose of financing its loan, guaranteed by Tatarstan, to SINEK Capital S.A., a subsidiary of SINEK.
The change of outlook to negative from stable of the Baa3 ratings of Tatneft and SINEK directly reflects the recent change of outlook on the Baa3 sub-sovereign rating of the Government of Tatarstan, which is a major shareholder in Tatneft and wholly owns SINEK, Moody's said.
