The international credit ratings agency Standard & Poor's has raised long-term corporate credit rating of the Russian oil and gas steel pipe producer TMK to 'B+' from 'B'.
S&P decided to upgrade TMK's credit rating based on the improved ratio of debt to EBITDA in the first half of 2011, as well as the improvement in TMK's liquidity. Standard & Poor's also anticipates that TMK will continue to benefit from favorable market conditions in Russia.