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Moody’s Confirms Sibneft Credit Ratings

Moscow, June 23, 2003. Moody’s Investors Service has affirmed its ‘Ba2’ senior implied and ‘Ba3’ senior unsecured foreign currency debt ratings for Sibneft. The ratings were placed on review in December following Sibneft’s successful joint bid with TNK to purchase Slavneft.

In a written statement, Moody’s listed the outlook for Sibneft’s ratings as “positive”. Moody’s said the ratings were supported by Sibneft’s reduced debt since the beginning of the year and the company’s plans to merge with Yukos to form YukosSibneft.

“Moody’s confirmation of its credit ratings for Sibneft is recognition of the company’s solid management, financial health, and ability to satisfy the requirements of rating agencies,” said Sibneft president Eugene Shvidler.