London, 21 March 2016 -- Moody's Investors Service (Moody's) said that it views as credit neutral the 18 March announcement by Russian oil and gas company Tatneft PJSC (Tatneft, Ba1 review for downgrade) that it had acquired respective 24.9% and 9% stakes in petrochemical giant Nizhnekamskneftekhim PJSC (NKNK, Ba3 stable) and oil refinery company JSC Taneco (Taneco, not rated), following their privatisation by the Republic of Tatarstan (Tatarstan, Ba2 review for downgrade). Tatneft already owned a 91% stake in Taneco prior to its privatisation. These deals are credit neutral for Tatneft as the company's debt will remain fairly low.

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