Fitch puts EN+ on negative watch

Fitch Ratings said it placed EN+ Group plc's long-term foreign- and local-currency issuer default ratings of BB- on Rating Watch negative in light of the potential "shoot out" auction for PJSC MMC Norilsk Nickel.

The action follows news of United Company Rusal plc's intention to obtain approval from the majority of its shareholders and debtholders to allow the shoot-out mechanism, Fitch explained.

The negative watch reflects an expectation of a neutral- to negative-impact of the shoot out on EN+'s credit profile, but there is a high degree of uncertainty regarding the actual triggering of the shoot out and its impact on EN+.

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