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Fitch rates KazakhGold note B
Fitch Ratings said it assigned a final B rating with a recovery rating of RR4 to KazakhGold Group Ltd.'s $200 million 9 3/8% senior notes issue due 2013 and affirmed the company's foreign-currency issuer default rating at B.
The outlook remains stable.
The issue is guaranteed by KazakhGold's operating subsidiaries and includes a covenant package viewed as typical for a high-yield offering. These provisions include a limitation on debt incurrence, limitation on restricted payments, negative pledge (limitation on liens) as well as standard covenants regarding mergers, sales of assets and affiliated transactions, Fitch said.
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