Moody's affirms Nizhnekamskneftekhim

Moody's Investors Service said it affirmed the B1 ratings of Nizhnekamskneftekhim in conjunction with upgrading its baseline credit assessment, which forms one of the four rating inputs in accordance with Moody's methodology for government-related issuers, to 15 from 16 which would map to a B2 rating on Moody's global ratings-scale.

The other factors, support, dependence and the rating of Nizhnekamskneftekhim's major shareholder, the Republic of Tatarstan, currently rated Ba1, remain unchanged, the agency said.

Moody's added that the final ratings remain unchanged at B1 and therefore have been affirmed, given that the differential between the sovereign and underlying BCA has narrowed in the context of the support and dependency assumptions having remained unchanged.

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