LUKoil gets Investment Grade status

Vagit Alekperov's LUKoil became the 2nd nonstate Russian company to receive an investment-grade debt rating from Fitch Ratings, joining mining company Norilsk Nickel.

Fitch rated LUKoil's long-term debt BBB-, the lowest investment grade, Fitch said in a statement Thursday the same as Norilsk and one step below the government and state-run Russian Railways, or RZD.

Inside story today in the Times today how Conoco got 7.5% interest in LUKoil.