S&P Lowers Tatneft to Negative

S&P lowered the outlook on Tatneft? from a B rating to negative. This follows Tatneft and Turkish company Zorlu submitting a joint USD 1.3bn bid for refinery holding Tupras. S&P is uncertain over the
prospects of this costly acquisition. Tatneft has high debt leverage and rather low profitability. The company must present its mid-term M&A policy to the agency and explain its relations with allegedly affiliated Efremov-Kautchuk, which would represent Tatneft?s interests in the tender and possibly raise its rating.