Tatneft OAO -- Moody's takes rating action on SINEK and maintains review on Tatneft and NKNK following Tatarstan downgrade

London, 26 February 2015 -- Moody's Investors Service has today downgraded to Ba2 from Ba1 the corporate family rating (CFR) and to Ba2-PD from Ba1-PD the probability of default rating (PDR) of Svyazinvestneftekhim OAO (SINEK). At the same time, Moody's downgraded to Ba2 from Ba1 the senior secured rating of the $250 million's worth of loan participation notes (LPNs) issued by Edel Capital S.A. for the sole purpose of financing its loan to SINEK Capital S.A., a subsidiary of SINEK. The loan is guaranteed by the Republic of Tatarstan, which wholly owns SINEK. The ratings remain on review for further downgrade.

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