Tatneft Reverses Declines After Fitch Ratings Upgrade to BB+

OAO Tatneft (TATN) jumped, reversing a loss, after Fitch Ratings raised the Russian oil producer’s rating.

Tatneft added 0.5 percent to 186.17 rubles by 3:15 p.m. in Moscow, heading for the highest level since April 10.

Fitch raised Tatneft to BB+, its highest non-investment level, from BB, citing progress in construction of the Taneco refinery, “conservative” spending and “expected gradual deleveraging,” in an e-mailed note.

To contact the reporters on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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