OREANDA-NEWS. Standard & Poor's Ratings Services said it removed from CreditWatch and affirmed all its ratings on Russia-based steel pipe producer OAO TMK (TMK) and related entities, including its 'B+' long-term corporate credit and 'ruA+' Russia national scale ratings, following the company's successful IPO. The outlook is stable.

The ratings were originally placed on CreditWatch with negative implications on Sept. 4, 2006, pending clarification of the company's balance sheet structure related to shareholding changes.

"The rating actions reflect our opinion that the $1.07 billion proceeds from TMK's recent successful IPO of 23% of the company's stock, including the over-allotment option, will be largely used to repay debt raised at the level of TMK and its parent, TMK Steel Ltd., in connection with the recent shareholding changes," said Standard & Poor's credit analyst Elena Anankina.