"These include the Ba1 long term corporate family rating of TNK-BP International Ltd ("TNK-BP"), the Ba2 senior unsecured rating of the USD5.0 billion debt issuance program issued by TNK-BP Finance SA ("TNK-BP Finance") and the Ba2 senior unsecured rating on JSC Tyumen Oil Company's ("OAO TNK") USD700 million loan participation notes due 2007.
"The change of outlook is reflected by (1) the company's ongoing strong cash flow generation, supported by both high oil prices and improvements to operating performances and processes, (2) improved corporate structure following recent streamlining, as well as further strengthening of corporate governance and financial transparency standards, and (3) Moody's view of recent moderate improvements in Russia's operating environment for private companies and the support afforded by TNK-BP's political endorsement, despite some ongoing uncertainties," the agency said.
