Fitch ups Kazanorgsintez

Fitch Ratings said it upgraded OJSC Kazanorgsintez's long-term issuer default rating to CC from RD and upgraded the short-term issuer default rating to C from D.

Fitch said it has simultaneously affirmed Kazanorgsintez's senior unsecured rating, on the outstanding $100 million loan participation notes at C with a recovery rating of RR6.

The rating upgrade follows a review of Kazanorgsintez's financial and operational profile following the completion of its debt restructuring exercise, the agency added.

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