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Fitch upgrades Kazanorgsintez
Fitch Ratings said it upgraded Kazanorgsintez's long-term issuer default rating to B+ from B.
The outlook is stable.
The agency also affirmed the short-term issuer default rating at B.
Fitch said the upgrade follows clarity on the scale of the company’s planned expansion projects over the next three years.
“It reflects a view that KOS will maintain a conservative financial profile, with funds from operations (FFO) adjusted net leverage comfortably below our negative guideline of 3x in 2018-2021 even as the company resumes expansionary investments,” the agency said in a news release.
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