Company news in September 2004 | |||
Moody's Confirm TNK’s Ratings
Moody's international rating agency confirmed the basic rating of TNK International at Ba2, after TNK-BP’s announcement of corporate reconstruction. In addition, as the agency’s new release says, the Ba3 rating for credit participation notes worth of $700 million, which mature in 2007, was also confirmed. The rating’s forecast was left as positive. TNK-BP plans to establish a new holding company to be registered in Russia by the end of the year. This company, as reported earlier, will become TNK-BP’s main profit center. So far the new entity has not name, and it is conventionally called New Russian Holding. The plan is that at first Tyumen Oil Company (TNK), SIDANCO and ONACO will join the new holding, and then remaining companies will start to join them. Creation of the new holding is at the bottom of the comprehensive corporate reconstruction plan for the Anglo-Russian company. The major reconstruction goals will be streamlining of the corporate structure, in particular, reduction in the number of legal entities making part of TNK-BP; consolidation of stakes of minority shareholders of the companies making part of TNK-BP as well as greater transparency and efficiency of TNK-BP’s corporate governance.
Source: INTERFAX