Fitch rates EuroChem notes BB

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

The outlook is stable.

The agency also said it assigned an expected foreign-currency senior unsecured rating of BB to EuroChem Global Investments Ltd.'s proposed issue of loan participation notes.

The proceeds will be used for refinancing and general corporate purposes.

The notes constitute direct, general, unconditional, unsecured and unsubordinated obligations of Eurochem and will rank pari passu with all its other unsecured and unsubordinated indebtedness, Fitch said.

The ratings reflect EuroChem's sound performance and cash flow generation, the agency said.

This continues to underpin the group's capacity to support ongoing sizable expansion projects, Fitch said.

The ratings also factor in EuroChem's ability to access long-term funding for its refinancing and investment needs, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.