S&P boosts Norilsk

Standard & Poor's said it raised its long-term corporate credit rating on OJSC MMC Norilsk Nickel to BB+ from BB. The outlook is stable.

At the same time, the Russia national-scale rating was raised to AA+(ru) from AA(ru).

S&P said the rating action reflects Norilsk's good operating and financial performance in 2004 and in the first half of 2005, together with its expectations that Norilsk's key markets will remain strong for the next six to 12 months and that the company will continue to apply a moderate financial policy.

The rating action further reflects the comfortable degree of predictability in the company's financial policy and the fact that Norilsk has demonstrated the ability to withstand the institutional risks of operating in Russia, the agency said.

The rating on Norilsk reflects its strong positions in the global markets of nickel, palladium, platinum and copper, unique resource base and strong financial profile, S&P added.

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