Fitch cuts Kazanorgsintez

Fitch Ratings said it has downgraded OJSC Kazanorgsintez's long-term issuer default rating to C from CC.

The long-term issuer default rating, short-term issuer default rating of C and Kazanorgsintez SA's $200 million loan participating notes, which have a senior unsecured debt rating of C, remain on rating watch negative, Fitch added.

The recovery rating on the notes remains at RR6.

The rating actions reflect Fitch's concerns about the absence of visible progress in Kazanorgsintez's search for a long-term re-financing solution to meet its substantial 2009 maturities, the agency noted, adding that although demand and prices have improved slightly since Q408 for domestic producers, the company's credit metrics remain very weak.

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