Moody's upgrades Sibur Holding

Moody's Investors Service said it upgraded to Ba1 from Ba2 the corporate family rating and probability of default rating of Sibur Holding OJSC, Russia's largest petrochemical company.

The outlook is stable.

"Today's rating action was driven by Sibur's ability to maintain strong credit metrics following the change in its ownership, which had been accompanied by a step-up in debt, and our understanding is that the new shareholders have endorsed and will support the company's strategy and conservative financial policies," Moody's assistant vice president, analyst and lead analyst for Sibur Sergei Grishunin said in a news release.

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