Fitch reviews Rusal

Fitch Ratings said it placed United Co. Rusal plc's BB- long-term issuer default rating, B short-term issuer default rating as well as Rusal DAC's BB-/RR4 senior unsecured rating on rating watch evolving.

These actions follow Rusal's announcement that it intends to obtain approval from a majority of its shareholders and debtholders to allow the shoot-out mechanism included in the shareholder agreement between Rusal and Whiteleave Holdings Ltd. (which replaced Interros Holding Co. in the agreement) to be triggered.

Fitch said the watch reflects uncertainty regarding the relationship between the main shareholders of Rusal and PJSC MMC Norilsk Nickel (BBB-) following the conclusion of the five-year lock-up period, which expired in December, and the outcome of a potential shoot-out process.

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