Fitch: LSR outlook negative

Fitch Ratings said it has revised the outlook on OJSC LSR Group's long-term foreign currency issuer default rating to negative from stable and affirmed the issuer default rating at B.

Fitch said it simultaneously affirmed the senior unsecured rating of the outstanding bond issues at B.

The negative outlook reflects the significantly reduced visibility on the Russian real estate market direction in 2015 driven by sharp interest rate increase since mid-December, the agency noted.

The agency added that it acknowledges LSR's potential to de-lever from moderating capex and the expected cement plant sale transaction in December.

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