OREANDA-NEWS. Fitch Ratings has today upgraded Tatarstan-based Tatneft's Issuer Default rating ("IDR") to 'B+' from 'B' and affirmed the Short-term rating at 'B'. The Outlook remains Positive.

The upgrade is based on the completed filing of the company's audited 2005 US GAAP financial results and the publication of H106 results based on US GAAP.

The Positive Outlook foresees improving operating performance as well as the resolution of recent corporate governance problems relating to the timely filing of financial statements.