FILE - In this Oct. 18, 2012 file photo, a woman walks outside the TNK-BP headquarters in Moscow, Russia. British oil company BP says it has agreed to sell its stake in its TNK-BP joint venture to Russian oil company Rosneft for US$17.1 billion in cash and a 12.84 percent stake in Rosneft. BP announced Monday, Oct. 22, 2012, that it would use some of the money to buy more shares in Rosneft to raise its stake to 19.75 percent. (AP Photo/Mikhail Metzel, File)
Russia's Rosneft buys out TNK-BP
FILE - In this Oct. 18, 2012 file photo, a woman walks outside the TNK-BP headquarters in Moscow, Russia. British oil company BP says it has agreed to sell its stake in its TNK-BP joint venture to Russian oil company Rosneft for US$17.1 billion in cash and a 12.84 percent stake in Rosneft. BP announced Monday, Oct. 22, 2012, that it would use some of the money to buy more shares in Rosneft to raise its stake to 19.75 percent. (AP Photo/Mikhail Metzel, File)
By NATALIYA VASILYEVA
Associated Press /
October 23, 2012
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Ratings agency Fitch last week warned Rosneft of a possible rating downgrade because of the TNK-BP deal. Fitch said the Russian company should have no problems raising the money to pay for 50 percent, but said the purchase of the other 50 percent could require so much borrowing that it could lead to a downgrade.
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Barr reported from London; Laura Mills contributed to this report from Moscow.
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