Fitch assigns first-time BB- IDR to Borets International

Fitch Ratings said it assigned Borets International Ltd. first-time long-term foreign- and local-currency issuer default ratings of BB- and short-term foreign- and local-currency IDRs of B.

Fitch has also assigned a senior unsecured rating of BB- to the Borets Finance DAC's outstanding 2018 eurobonds and a senior unsecured expected rating of BB- for its eurobonds of up to $400 million. The outlook on the foreign- and local-currency IDRs is stable.

The ratings are supported by the company's high margins, moderate geographical diversification and good liquidity. However, a relatively weak business profile due to lack of product diversification constrains the ratings, the agency said in a news release.

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