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LONDON, November 2. /TASS/. Fitch upgraded long-term foreign and local currency issuer default ratings of the Russian oil and gas producer Bashneft from "BB" to "BB+" with the stable outlook, the international rating agency said on Monday.
Bashneft will maintain a strong financial and operating performance despite the depressed oil prices, Fitch said.
"We expect Bashneft's upstream output to keep rising at its newly operational Trebs and Titov and Burneftegaz sites while its production in the Republic of Bashkiria (Bashkortostan), its stronghold, is likely to remain stable," the rating agency said.
Financial profile of the Russian oil and gas producer will remain robust as progressive taxation in the Russian oil industry and a flexible ruble exchange rate partially alleviate the negative effect of low oil prices, even after considering the recently announced 2016 tax increase, Fitch reported.