Fitch rates Kazanorgsintez

Fitch Ratings said it assigned Kazanorgsintez a senior unsecured B rating with stable outlook. Fitch has also assigned it a short-term B rating.

The ratings take into account Kazanorgsintez's position as a large petrochemicals producer in Russia and its strong profitability, EBITDAR margin of 28% in 2004, and close government ties, Fitch noted.

The agency said the group benefits from its involvement in the Republic of Tatarstan's (rated BB/B) strategic development program of its oil, gas and petrochemicals industry.

Fitch also noted it has some concerns regarding the limited transparency of the group's ownership structure, which has been factored into the ratings.

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