S&P ups EuroChem

Standard & Poor's said it raised to BB from BB- its long-term corporate credit rating on EuroChem Mineral and Chemical Co. OJSC, reflecting sustainable operating and financial improvements.

The agency also raised the Russia national scale rating on EuroChem to ruAA from ruAA- and the long-term rating on EuroChem Finance plc's participation notes to BB from BB-.

The outlook is stable.

The upgrade reflects better-than-expected selling prices for the group's nitrogen- and phosphate-based fertilizers and expectations that these prices will stay high in 2008 and 2009, according to the agency. The upgrade also considers the group's financial policy, which supports cash flow metrics, free operating cash flow and liquidity.

S&P said it also considers material capital expenditure, as well as potential large acquisitions.

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