Fitch: Kazanorgsintez unaffected

Fitch Ratings said it does not expect OJSC Kazanorgsintez's proposed tender to bondholders and an associated consent solicitation to impact the company's ratings, which were affirmed. The long-term issuer default rating and short-term issuer default rating remain RD and D, respectively, and the $200 million senior unsecured loan participation notes are rated C with a recovery rating of RR6.

The agency said that while the offer, if successful, would mark an important step in the group's debt-restructuring plan and could somewhat alleviate future liquidity concerns with regards to the October 2011 maturity of the loan participation notes, the ratings continue to reflect various uncured events of default and uncertainties regarding the outcome of the ongoing debt restructuring.

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