Fitch rates Yatec B-, B

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of B- and short-term foreign-currency issuer default rating of B to OJSC Yakutsk Fuel and Energy Co. (Yatec).

The agency also assigned a national long-term rating of BB+(rus).

The outlook is positive.

The agency said it needs to understand Yatec's capital structure and the position of the senior unsecured debt within this structure and relative to the senior secured debt in more detail to be able to assign a senior unsecured rating to its planned domestic bonds.

The ratings reflect the company's dominant market position as the largest gas producer and supplier in the Republic of Sakha, accounting for 90% of gas supplies to Yakutsk, the republic's capital, Fitch said.

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