Fitch lifts Kazanorgsintez to B

Fitch Ratings said it upgraded Russia-based chemical producer PJSC Kazanorgsintez's long-term issuer default rating to B from B-.

The outlook is stable.

The short-term issuer default rating was affirmed at B.

Fitch said the upgrade reflects Kazanorgsintez’s consistent multi-year absolute debt reduction and an improvement of its liquidity position following the successful repayment of $101 million eurobonds in March 2015. The agency expects Kazanorgsintez’s funds from operations (FFO) adjusted net leverage to have fallen to its historical minimum of 0.3 times in 2015, after 0.9 times in 2014 and above 2 times in previous years.

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