Fitch lowers Kazanorgsintez

Fitch Ratings said it downgraded OJSC Kazanorgsintez's long-term issuer default rating to CC from CCC and the senior unsecured debt rating of Kazanorgsintez SA's $200 million loan participating notes to C from CCC- and revised the recovery rating to RR6 from RR5.

The short-term issuer default rating of C was placed on Rating Watch negative. The long-term issuer default rating and the senior unsecured rating remain on watch.

The actions reflect heightened concerns about the company's reliance on debt refinancing and maturity extensions to meet approximately RUR 4.9 billion of debt maturing before April, according to the agency.

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