Fitch upgrades KazakhGold

Fitch Ratings said it upgraded KazakhGold Group Ltd.'s long-term issuer default and senior unsecured ratings to CC from C and placed them on Rating Watch negative. The recovery rating for the senior unsecured debt is RR4.

The upgrade reflects the announcement by KazakhGold that it has borrowed $9.375 million from Gold Lion Holdings Ltd. to fund the coupon payment on its Eurobond, which was due on May 6. The coupon payment was paid within the bond documentation's 30-day cure period.

Fitch said the watch reflects concerns about the company's near-term operational strategy and financial performance.

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