Moody's Upgrades Sibneft’s Foreign Currency Rating to Ba3

Moscow, 10 December 2001; Moody's Investors Service has upgraded Sibneft's foreign currency rating to Ba3 from B1. The action follows the upgrade of Russia's sovereign ceiling from B2 to Ba3.

Sibneft's local currency rating remains at Ba2, and both ratings have a stable outlook. Sibneft in November became the first Russian company to secure a foreign currency rating which pierced Russia's sovereign ceiling.