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Fitch ups EuroChem Mineral
Fitch Ratings said it upgraded OJSC EuroChem Mineral and Chemical Co.'s long-term issuer default and senior unsecured debt ratings to BB from BB-.
The short-term issuer default rating is affirmed at B.
The outlook for the long-term issuer default rating is stable.
Fitch said the upgrade reflects its view that Eurochem has achieved and will maintain a credit profile commensurate with a BB rating through the next cycle.
The group's performance and credit metrics benefited from exceptionally strong market fundamentals in 2007, according to the agency.
Eurochem ended the year with a gross debt-to-EBITDA ratio at 0.6 times, down from 1.2 times at fiscal year-end 2006.
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