Fitch affirms EuroChem

Fitch Ratings said it affirmed OJSC EuroChem Mineral and Chemical Co.'s long-term local- and foreign-currency issuer default ratings at BB, national long-term rating at AA-(rus) and short-term foreign-currency issuer default rating at B.

The outlook is stable.

The agency also said it affirmed the long-term foreign-currency senior unsecured rating on its $290 million loan participation notes at BB, long-term local-currency senior unsecured rating at BB and national long-term rating on its ruble bonds due 2018 at AA-(rus).

The ratings reflect EuroChem's strong performance and robust cash flow generation on the back of favorable market conditions, Fitch said.

This underpins the group's capacity to support ongoing sizeable expansion projects, the agency said.

The ratings also consider the company's ability to access long-term funding for its refinancing and investment needs, Fitch added.

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