Fitch ups EuroChem view to stable

Fitch Ratings said it affirmed OJSC EuroChem Mineral and Chemical Co.'s long-term local- and foreign-currency issuer default ratings at BB, national long-term rating at AA-(rus) and short-term foreign-currency issuer default rating at B.

The long-term foreign-currency senior unsecured rating on its $290 million loan participation notes were affirmed at BB and both the long-term local-currency senior unsecured rating and the national long-term rating on its RUB 5 billion 8.9% bonds due 2018 were affirmed at BB and AA-(rus), respectively.

The outlook has been revised to stable from negative.

The company's credit metrics have improved beyond the level anticipated, aided by improving market conditions and associated strong cash flow generation, Fitch said.

The company also is now better positioned to withstand expected pricing volatility in nitrogen and phosphate fertilizers, the agency said, and to finance its sizeable potash mining project.

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