Fitch cuts Kazanorgsintez

Fitch Ratings said it downgraded OJSC Kazanorgsintez's long-term issuer default rating and senior unsecured rating to B- from B.

The agency said that the long-term issuer default rating of B-, senior unsecured rating of B- and short-term issuer default rating of B have been placed on rating watch negative.

Fitch noted that the downgrade reflects the weakening of Kazanorgsintez's credit profile in FY07 as the group's aggressive investment program continued to put pressure on its credit metrics without translating into the expected uplift in profitability.

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