Fitch: Polymetal unchanged

Fitch Ratings said Polymetal's decision to seek a premium stock-market listing in London may give the company access to a bigger pool of potential investors, but will do little to mitigate the broader risks associated with operating largely in Russia.

Polymetal plans to swap its Russian listing for a place on the main market of the London Stock Exchange and is also expected to enter the FTSE 100 index, Fitch said.

The agency said it believes that a U.K. listing, especially combined with entering the high-profile benchmark index, can improve access to debt and equity capital markets for companies from Russia and other emerging markets.

However, the listing in the United Kingdom - and a new holding company in Jersey - will not entirely divorce Polymetal from the fact that its operations remain largely in Russia, Fitch said.

The agency said it believes the Russia operations expose the company to higher-than-average political, business and regulatory risks.

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