Fitch ups Kazanorgsintez

Fitch Ratings said it upgraded OJSC Kazanorgsintez's long-term issuer default rating to CCC from CC.

The agency also said it affirmed the company's short-term issuer default rating and senior unsecured rating on the outstanding $100 million loan participation notes (eurobonds) at C with a recovery rating of RR6.

The upgrade reflects its improved maturity profile, near-term liquidity and reduced interest burden following the recent refinancing of the bulk of its debt by Sberbank, Fitch said.

The upgrade also considers the company's improved operating performance, cash flow generation and credit metrics on the back of strong market conditions, the agency said.

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