The bonds are expected to be issued under the company's $5 billion guaranteed debt issuance program currently rated BBB-, Fitch said.
Under the terms of the securities, noteholders will rely on a senior unsecured guarantee from TNK-BP International Ltd. for repayment, Fitch said.
The bond's issue amount will be disclosed and a final rating assigned later. The final rating is contingent upon receipt of final documents conforming to information already received, Fitch said.
On March 2, 2007, Fitch upgraded TNK-BP International Ltd's $5 billion guaranteed debt issuance program to BBB- from BB+, and also its local and foreign currency Issuer Default ratings to BBB- from BB+ with stable outlook, the agency said.
The Russian-British joint oil venture TNK-BP is a leading crude producer in Russia, and is also ranked among the world's top 10 independent oil companies. The company's operations are located in Western and Eastern Siberia, the Far East and the Volga-Urals Region.
