S&P rates Kazanorgsintez B-

Standard & Poor's said it assigned its B- long-term corporate rating to Russia-based base- and intermediate-chemicals group Kazanorgsintez OJSC.

The outlook is stable.

S&P said it also assigned its ruBBB Russia national scale rating to Kazanorgsintez.

The ratings are constrained by the company's aggressive financial profile, limited liquidity and EBITDA margins that are very sensitive to changing selling and raw-materials prices, S&P said.

S&P said these points are partially offset by a historically good EBITDA margin, averaging 21% over the past three years due to cheap feedstock, favorable cycles and growing Russian markets.

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