Fitch affirms Edel notes at BB

Fitch Ratings said it has affirmed the BB senior secured rating of Edel Capital SA's $250 million loan participation notes due 2015.

The agency does not assign a rating to the issuer itself or to any affiliated entities. The notes are guaranteed both by OJSC Svyazinvestneftekhim and the Republic of Tatarstan (rated BB, outlook stable/B). The Republic of Tatarstan has issued a guarantee to the amount of 13 billion rubles to support the issue.

Due to this legally binding and unconditional guarantee, Fitch aligns Edel's issue rating equal to that of the Republic.

The agency therefore noted that any changes in the Republic's rating would affect that of Edel's loan participation notes.

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