Moody's may upgrade Norilsk Nickel

Moody's Investors Service said it placed the Ba1 corporate family ratings of Russia's Norilsk Nickel, the Aa1.ru national scale rating and the Ba2 rating on its notes under review for possible upgrade.

The review was prompted by Norilsk Nickel's strengthening credit profile in terms of robust cash flows and low levels of absolute debt, the decision to divest its gold assets and the overall flexibility afforded to the company from its low-cost operations, the ratings agency said.

Moody's said the review will focus on the developing operating and financial profile of Norilsk Nickel; the company's ability to continue to mitigate domestic inflation and maintain its competitive cost position, as well as the company's sensitivity to movements in metal (in particular nickel) prices and exchange rates; and the developments associated with the company's corporate governance and financial strategies.

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