S&P affirms Caustic, Plastcard

Standard & Poor's said it affirmed its CCC+ long-term corporate credit and ruBB+ Russia national scale ratings on OAO Caustic and OAO Plastcard, the core operating companies of Nikos, reflecting the group's adequate short-term liquidity. The outlook is stable.

At the same time, S&P affirmed its ruBB+ Russia national scale rating on the three-year RUR 750 million bond issued by Nikoskhim-Invest LLC with partial guarantees by Plastcard and Caustic.

S&P said the Nikos group has not been consolidated and is united through common shareholding and discretionary intra-group cash flows. The ratings agency said this implies corporate governance risks and obscures transparency.

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