S&P affirms Caustic, Plastcard

Standard & Poor's said it affirmed its CCC+ corporate credit rating and BB(ru) Russia national-scale rating on OAO Caustic and OAO Plastcard, the two core operating companies of Nikos.

The outlooks remain stable.

At the same time, S&P said it assigned its BB(ru) senior unsecured debt rating to the proposed Russian ruble 1.5 billion issue by Nikoshim-Invest LLC, a special financial vehicle of Nikos.

S&P added that the key factors that constrain the ratings on Caustic and Plastcard at the CCC+ level are Nikos' complex and evolving structure, limited transparency and exposure to refinancing risks.

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