Fitch rates Polymetal B

Fitch Ratings said it assigned OAO Polymetal long-term and short-term foreign and local currency issuer default ratings of B. Fitch said it also assigned the company a national long-term rating of BBB.

The outlook is negative.

The agency said that the ratings reflect Polymetal's extensive gold and silver reserve base, which is expected to support more than 15 years of gold and silver mining. Polymetal is also working on significant new projects.

Fitch said that although it recognizes that the company has benefited from the devaluation of the Russian ruble, it does not consider this benefit as sustainable.

The negative outlook reflects Fitch's concerns about the company's liquidity in 2011, due to a potential peak of debt repayment.

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