Fitch affirms NKNK

Fitch Ratings said it affirmed Russia-based OAO Nizhnekamskneftekhim's (NKNK) issuer default rating at B+, senior unsecured rating at B+, short-term rating at B and national long-term rating at A(rus).

The outlook is stable.

The ratings continue to reflect the company's position as the largest petrochemicals producer in Russia, its leadership in select products, balanced geographic revenue diversification and adequate profitability.

NKNK is carrying out a capital expenditure program totaling $724 million on 12 projects in the next four years, which is putting considerable pressure on free cash flow generation. And, Fitch said, the size of some of these projects implies significant execution risk.

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