S&P affirms Caustic, Plastcard

Standard & Poor's said it affirmed its CCC+ corporate credit and ruBB Russia national scale ratings on OAO Caustic and OAO Plastcard, the two core operating companies of the Nikos Group, and the ruBB senior unsecured debt rating on the RUR 1.5 billion issue by Nikoshim-Invest, LLC.

The outlooks on both entities are stable.

The agency said the companies' ratings are constrained at the CCC+ level by the Nikos Group's complex and evolving structure, limited transparency and exposure to refinancing risks.

These weaknesses are tempered by favorable market positions, comfortable profitability and the companies' adequate ability to date to roll over existing short-term debt, S&P said.

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