Rosneft Finance S.A. -- Moody's upgrades Rosneft International Holdings Limited to Baa1; negative outlook

London, 27 November 2013 -- Moody's Investors Service has today upgraded to Baa1 from Baa2 the issuer rating of Rosneft International Holdings Limited (RIHL; formerly TNK-BP International Ltd.) and to Baa1/(P)Baa1 from Baa2/(P)Baa2 the senior unsecured ratings of its guaranteed subsidiary Rosneft Finance S.A. (formerly known as TNK--BP Finance S.A.), and converted the company's corporate family rating (CFR) into a long-term issuer rating, in line with the rating agency's practice for corporate with investment-grade ratings. The action reflects Moody's obtaining a better view of Rosneft's strategy vis-a-vis RIHL and its rated debt, and concludes the review initiated by Moody's on 24 October 2012, when OJSC Oil Company Rosneft (Rosneft, Baa1 negative) announced its intention to acquire 100% of TNK-BP International Ltd. from its shareholders BP p.l.c. (A2 stable) and a consortium of Russian private investors, AAR (not rated). The outlook on the ratings is negative.

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