Fitch rates EuroChem bonds BB

Fitch Ratings said it assigned OJSC EuroChem Mineral and Chemical Co.'s 8.9% RUB five billion domestic bonds due 2018 a senior unsecured rating of BB and a national senior unsecured rating of AA-(rus).

The company has a long-term foreign-currency issuer default rating of BB, short-term foreign-currency issuer default rating of B, long-term local-currency issuer default rating of BB, national long-term rating of AA-(rus) and long-term foreign-currency senior unsecured rating of BB on its $290 million loan participation notes.

The outlook is negative.

Fitch also said it withdrew the expected long-term local-currency senior unsecured rating of BB and national long-term rating of AA-(rus) assigned to EuroChem's planned RUB 10 billion issue, as the company did not proceed with the issue.

The bonds are a structured as a senior unsecured obligation of EuroChem and have a maturity of eight years with a bondholder put option at year five, the agency said.

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