Fitch upgrades Kazanorgsintez

Fitch Ratings said it upgraded Kazanorgsintez's long-term issuer default rating to B+ from B.

The outlook is stable.

The agency also affirmed the short-term issuer default rating at B.

Fitch said the upgrade follows clarity on the scale of the company’s planned expansion projects over the next three years.

“It reflects a view that KOS will maintain a conservative financial profile, with funds from operations (FFO) adjusted net leverage comfortably below our negative guideline of 3x in 2018-2021 even as the company resumes expansionary investments,” the agency said in a news release.

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