S&P drops Kazanorgsintez

Standard & Poor's said it lowered its long-term corporate credit rating on Kazanorgsintez OJSC from B- to CCC+.

The outlook is negative.

At the same time, the agency said it lowered the Russia national-scale rating from to ruBB from ruBBB.

The agency said it also lowered the issue-level rating on unsecured debt issued by subsidiary Kazanorgsintez SA and guaranteed by Kazanorgsintez to CCC+ from B-, adding that the recovery rating is 4.

According to S&P, the downgrade reflects uncertainty regarding Kazanorgsintez' medium-term profitability and the group's extremely tight liquidity position.

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