OREANDA-NEWS. Fitch Ratings has today upgraded TNK-BP International Ltd's Senior Unsecured rating of the company's USD700 million eurobond to 'BBB-'(BBB minus) from 'BB+'; the USD5bn guaranteed debt issuance programme to 'BBB-' (BBB minus) from 'BB+' as well as the USD1.5bn of notes currently outstanding under the programme; the local and foreign currency Issuer Default Ratings (IDR) to 'BBB-' (BBB minus) from 'BB+' and the Short-term rating to 'F3' from 'B'. The Outlook is now Stable.

The upgrade is based on TNK-BP's continued improvements to the company's business profile in both the upstream and downstream segments.

TNK-BP has undertaken a programme to rationalize its upstream portfolio, which includes not only divesting some assets such as Udmurtneft, but also bringing forward capital expenditure plans for greenfield development at Uvat and Verknechonskoye.