S&P rates Norilsk Nickel LPNs BBB-

Standard & Poor's said it affirmed its BBB- long-term corporate credit rating on MMC Norilsk Nickel OJSC.

The outlook remains negative.

At the same time, S&P affirmed the ruAA+ Russia national scale rating on Norilsk Nickel.

The agency also assigned a BBB- issue rating to Norilsk Nickel's proposed loan participation notes to be issued by an orphan Irish special-purpose vehicle, MMC Finance Ltd., for the sole purpose of providing a loan to Norilsk Nickel.

S&P said the "satisfactory" business risk profile continues to be underpinned by the group's large, high-grade, long-life reserve base, which gives it leading positions in several metal markets.

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