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Bashneft

September 18, 2014

Fitch puts Bashneft on Rating Watch Negative

Fitch Ratings-Moscow/London - Fitch Ratings has put all ratings of Joint Stock Oil Company Bashneft (Bashneft) on Rating Watch Negative (RWN) following charges levied against Vladimir Evtushenkov, the majority shareholder and Chairman of the Board of Directors of Sistema Joint Stock Financial Corporation, in connection with legalisation of shares of BashTEK group.
Fitch believes the consequences may be potentially negative for Bashneft but the likelihood of negative developments and the exact impact may not be estimated at this stage. Sistema made an announcement that Mr. Evtushenkov was charged with legalisation of shares of BashTEK group. Sistema’s management believes that the acquisition of BashTEK group was legal and transparent.

Rating sensitivities

More clarity on the developments following charges against Mr. Evtushenkov may resolve
RWN. The ratings may be affirmed or downgraded.

Full list of rating actions

Long-Term Issuer Default Rating of ‘BB’: placed on RWN
Short Term Issuer Default Rating of ‘B’: placed on RWN
Local Currency Long Term Issuer Default Rating of ‘BB’: placed on RWN
Local Currency Short Term Issuer Default Rating of ‘B’: placed on RWN
National Long-Term Rating of ‘AA-(rus)’: placed on RWN
Senior Unsecured Ratings of ‘BB’ and ‘AA-(rus)’: placed on RWN

Additional information is available on  www.fitchratings.com
Applicable criteria, ‘Corporate Rating Methodology’, dated 28 May 2014, are available at
www.fitchratings.com<

 

 

 

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