Moody’s affirms Nizhnekamskneftekhim

Moody's Investors Service said it affirmed Nizhnekamskneftekhim PJSC's corporate family rating of Ba3 and its probability of default rating of Ba3-PD.

The outlook is stable.

The agency said the affirmation reflects an expectation that the company will continue to deliver credit metrics in line with the current rating guidance over at least the next 12 to 18 months, despite a large-scale olefins project on which the company recently embarked.

In the longer term, the company’s ability to maintain its financial profile commensurate with the current rating could be pressured by growing debt-funded project investments coupled with the inherent volatility in the petrochemical markets, Moody’s said.

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