Moody's upgrades Nizhnekamskneftekhim

Moody's Investors Service said it upgraded to Ba3 from B1 the corporate family and probability of default ratings and senior unsecured rating of Nizhnekamskneftekhim.

This follows the upgrade of the company's baseline credit assessment to 14 from 15, which would map to a B1 rating on its global ratings scale.

The other rating considerations - support, dependence and the rating of the company's major shareholder, the Republic of Tatarstan, which has Ba1 ratings and a stable outlook - remain unchanged.

The outlook is stable.

The action was prompted by several positive developments, including Nizhnekamskneftekhim's improved standing in the polypropylene, polystyrene and polyethylene markets following the addition of new capacity in 2009, Moody's said.

The upgrade also reflects a significant increase in rubber sales volumes thanks to direct contracts with tire manufacturers, the agency said.

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