Tatneft' : Fitch Ratings affirmed Tatneft credit rating at “BBB-“ with stable outlook

On 31 October 2017 international credit rating agency Fitch Ratings affirmed Long- and Short-term Issuer Default Ratings (IDRs) of PJSC Tatneft at 'BBB-' and 'F3', respectively. The Long term IDR outlook is Stable.

At the opinion of Fitch Ratings, the affirmation of credit rating reflects, inter alia, Tatneft's strong financial profile following the commissioning and subsequent development of the TANECO refinery complex, while the Company's credit profile is supported by low leverage with funds from operations adjusted gross leverage of 0.1x at the end of each 2015 and 2016, the lowest among the Russian oil and gas peers rated by Fitch.

Full text of Fitch Ratings' press release relating to the said credit rating action is available on the agency's web-site www.fitchratings.com

Forward-looking statements: This press release contains statements about future events and expectations that are forward-looking in nature. Any statement in this press release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.