Moody's rates Norilisk notes Ba2

Moody's Investors Service said it assigned a prospective Ba2 rating on the $500 million unsecured notes issued by Norilsk Nickel Finance Luxembourg SA and guaranteed by OJSC MMC Norilsk Nickel. The outlook is stable.

Moody's said the prospective Ba2 rating on the notes reflects the still relatively high percentage of secured debt in the group's capital structure and the expectation that even if the group expands its unsecured debt financing, it may continue to rely to some degree on secured bank debt to finance its ongoing operations as well as its expanding capital investment program and gold development strategy.

Moody's said it believes the key strength of the Norilsk Nickel group lies in its access to very high-grade, long-reserve life, multiple-metals ore bodies on the Taimyr Peninsula.

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