Fitch ups Polymetal to B+

Fitch Ratings said it upgraded OJSC Polymetal's long-term foreign and local currency issuer default ratings to B+ from B and its national long-term rating to A-(rus) from BBB(rus) and affirmed its short-term foreign and local currency IDRs at B.

The outlook for all the long-term ratings is stable.

The agency has simultaneously withdrawn all the ratings as they are no longer considered relevant for Fitch's coverage.

Fitch said the upgrade reflects the positive progress the company has made in diversifying its reserve base while maintaining a good average mine life at existing operations of around 13 years.

Polymetal expects to start commissioning of its new hydrometallurgical plant in Amursk in December. A successful commissioning of this plant will further strengthen the company's operating profile, as it will allow the bulk processing of refractory ores from Albazino and Mayskoye gold deposits located in the Russian Far East with acceptable recovery rates, the agency said.

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